OnTheMarket owner eyes £50m raise with IPO

The Hampshire-based, agent-owned parent company of online property portal OnTheMarket has unveiled plans to raise £50m through a London Stock Exchange float.

Agents' Mutual intends to list a new parent company, OnTheMarket plc, on the AIM market with an objective to raise approximately £50m of new equity capital.

The proceeds will be used to fund the growth of the portal, which claims to be the third biggest UK residential property portal provider. In particular, the funds raised will be used to support a heavy-weight national TV, digital and print media campaign, along with high profile local radio and out-of-home advertising.