Zoopla is valued at $1.5 billion following IPO

Posted Jun 20, 2014

Zoopla is known as the “Zillow” of the United Kingdom. The company went public in London on Wednesday and is now valued at over $1.5 billion. Zoopla priced the offering at 2.20 pounds per share, which is below the midpoint of its initial price range of £2 to £2.50 a share. Zoopla now has a market cap of around £918.8 million ($1.56 billion).

Zoopla started in 2008 and hits more than 20 million visits per month. Around 19,000 real estate agents in Britain pay a monthly subscription fee to advertise listings on the website. This generates most of Zoopla’s revenue.

Zoopla said that it has strong market penetration by representing around 90% of residential listings from property professionals in Britain.

?Today?s announcement marks an important milestone for our business following a number of years of strong growth and having built a market-leading proposition,? stated Zoopla founder and CEO Alex Chesterman.

Zoopla is expecting to realize proceeds of £369.9 million (around $627.6 million) if an over-allotment of shares is fully exercised.