Residential property website OnTheMarket is planning to list on the AIM with a £50m initial public offering.
Agents’ Mutual, which operates the sale portal, said it plans to use the new equity to fund growth through advertisements, account management organisation and technology development.
Current investors will be offered a minority stake as part of the IPO.
Members will have to vote in favour of converting their existing interests into ordinary shares for the IPO to be successful.
Agents’ Mutual has a membership of 2,700 estate and lettings agency firms. About 5,700 agent branches list their properties on the site.
In comparison, ZPG, which operates Zoopla, has 14,271 agents that advertise on its site and Rightmove has 17,589.
Ian Springett, chief executive of Agents’ Mutual, said: “We believe that by raising capital from new investors we will substantially strengthen our market position.
“Agents provide the main property listings content and the main revenue sources for property portals.
“Our members’ ownership of shares in the newly listed company will enable them to remain enfranchised, aligned and fully invested in OnTheMarket’s future success.”
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