DN Capital’s Purplebricks aims for £255m IPO

The IPO is expected to raise £25m for the company and comes 18 months after it was launched. A group of Purplebricks investors and directors will sell shares worth a total of £33m. Institutional investors, including Artemis and Old Mutual, have conditionally committed to acquiring £58.1m of shares in a pre-IPO placement.

Purplebricks first raised venture funding from DN Capital in March 2014, when the VC led a £1.5m early-stage round in the company alongside private investors Paul Pindar and Martin Bolland.

DN returned for a second round in August the same year, when it took part in an £8m round with fund manager Neil Woodford and angel investors.

Purplebricks is an online estate agent offering a cheaper alternative to people selling their homes, operating a hybrid model with bricks-and-mortar partner locations.

Corporate finance outfit Zeus Capital is leading the IPO as the sole broker and nominated adviser for Purplebricks.

Law firm Norton Rose Fulbright's partner Richard Sheen and senior associate Clementine Hogarth are advising Purplebricks on the IPO, while Travers Smith is representing Zeus Capital.

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• Topics
• Exits
• UK / Ireland
• Consumer
• IPO
• United Kingdom
• DN Capital
• Travers Smith