Fusion Corporate Partners

On 22 May 2014, Zoopla Property Group announced its intention to make an IPO on the London Stock Exchange. DMGT intends to sell a maximum of 40% of its current 52.1% stake in Zoopla, retaining a stake of at least 31%. The maximum that DMGT could receive would be £190 million as a result of its participation in the IPO. This maximum includes DMGT’s contribution to the Member Offer, the Institutional Offer and Over-allotment

Offer highlights

• The offer price has been set at 220 pence per Share.
• Based on the Offer Price, the total market capitalisation of the Company will be £918.8 million
• The Offer comprises 159,977,620 Shares, representing 38.3% of the Company’s issued share capital on Admission, excluding the Over-allotment Option
• The Offer comprises the sale by selling shareholders of existing Shares only. No new Shares will be issued pursuant to the Offer
• The Principal Selling Shareholders have granted an Over-allotment Option in respect of 15,997,755 Shares. If the Over-allotment Option were exercised in full the total gross proceeds raised by the Principal Selling Shareholders in the Offer would be approximately £369.9 million
• 4,179,624 Shares have been applied for by Eligible Members under the Member Offer. As a result the Institutional Offer will comprise 155,797,996 Shares

Admission and dealings

• Conditional dealings in the Shares will commence on the London Stock Exchange at 8:00 am today (18 June 2014) under the ticker ZPLA
• Admission to the premium listing segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange, and the commencement of unconditional dealings in the Shares on the London Stock Exchange, are expected to take place at 8:00 am on 23 June 2014. At Admission, the Company will have 417,642,460 Shares in issue
• The Pricing Statement relating to the Offer will be submitted to the UKLA and will be available free of charge at the Company’s registered office at Harlequin Building, 65 Southwark Street, London, SE1 0HR. In addition, the Pricing Statement will be published on the Company’s website at http://www.zpg.co.uk/ipo

Alex Chesterman, Founder & Chief Executive Officer of Zoopla Property Group Plc said: “We are delighted with our successful listing on the London Stock Exchange. 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. We have received a significant level of institutional investor support in our business which once again underlines the growth potential of Zoopla Property Group. We have also received strong support from our members who have also participated in our IPO through our exclusive Member Offer and have become shareholders in our business. We are looking forward to life as a public company and to welcoming our new shareholders to the business.”

Further information

• The Principal Selling Shareholders (other than Alex Chesterman and Simon Kain), are locked up for 180 days and the Directors and Senior Managers are locked up for 365 days in respect of their holdings of Shares following Admission, subject to the consent of the Joint Global Co-ordinators and to certain customary exceptions. The Company will also be subject to customary lock-up arrangements for 180 days following Admission, subject to the consent of the Joint Global Co-ordinators and to certain customary exceptions
• Following Admission, before any exercise of the Over-Allotment Option, DMGT will hold 33.7% of the Shares and the Principal Selling Shareholders (other than Alex Chesterman and Simon Kain) will hold, in aggregate, 52.6% of the Shares. The Directors and Senior Managers will hold, in aggregate, 6.2% of the Shares, before any exercise of the Over-Allotment Option
• It is expected that the Company will be eligible for inclusion in the FTSE UK Index Series at the quarterly review in September 2014
• In relation to the Offer and Admission, Credit Suisse Securities (Europe) Limited and Jefferies International Limited are acting as Joint Sponsors, Joint Global Co-ordinators and Joint Bookrunners, and Canaccord Genuity Limited is acting as Co-Lead Manager
• As stabilising manager, Credit Suisse Securities (Europe) Limited has been granted the Over-allotment Option, exercisable no later than thirty days from today, by the Principal Selling Shareholders over up to 15,997,755 Shares, representing 10% of the Shares comprised in the Offer

UK, London

Previous reporting:

• Zoopla Property Group IPO Price Range June 5, 2014
• Zoopla Property Group Plc – Announcement of Intention to Float on the London Stock Exchange Posted on May 22, 2014

Related articles:

• Zoopla acquires Trinity Mirror property sites Posted on September 5, 2013
• OFT clears the merger between the Digital Property Group and Zoopla Posted on April 16, 2012
• FindaProperty, Primelocation and Zoopla to merge to take on Rightmove Posted on November 7, 2011
• Zoopla acquires Houseprices.co.uk Posted  on January 5, 2011