VC-backed Zoopla formalises IPO plans

Although Zoopla did not indicate a price range for the IPO at this stage, earlier this year the business was expected to reach a valuation of up to £1bn, following in the footsteps of other UK technology businesses such as Just-Eat. The company is expecting to be included in the FTSE 250 following the IPO.

The offer will mainly target institutional investors and Zoopla's members (estate agents, letting agents, new home developers and franchisors) and will not involve any new shares being sold. Zoopla members will be offered a 20% discount on the offer price.

Daily Mail and General Trust (DMGT), one of the largest shareholders in Zoopla with a 52.6% stake, stated it will look to reduce its shareholding as part of the IPO. Zoopla is also backed by Atlas and Octopus, both of which will sell shares as part of the offer. Atlas and Octopus took part in a £3.75m funding round for Zoopla in January 2009 and later reinjected £1.75m in early 2011.

All selling shareholders have agreed to a 180-day lock-up period following the IPO.

Credit Suisse and Jefferies are acting as joint global coordinators, joint sponsors and joint bookrunners. Canaccord Genuity is acting as co-lead manager.

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