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.