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Zoopla to IPO at over $1.5bn

Property website Zoopla has been valued at $1.56bn after setting their share price for IPO.

The company announced they are expecting to float on June 23rd with an offer price of 220p per share.

They will be selling just under 160m shares, representing 38.3% of the its capital.

Zoopla’s existing shareholders include founder Alex Chesterman who is also a majority owner Daily Mail & General Trust and Countrywide.

Rising prices

They announced in May that they would be listing on the London Stock Exchange.

Launched in 2008, Zoopla reported six-month revenue to March 31 of £38.3m and adjusted core earnings of £18.7m.

Alex Chesterman, Founder & Chief Executive Officer of Zoopla, said that the listing marks an important milestone for the company. He added:

alex-chestermanWe have received a significant level of institutional investor support in our business which once again underlines the growth potential of Zoopla Property Group.

Billion dollar baby

Zoopla are the most recent of a number of European tech companies to be valued at over $1bn.

Last week, research revealed that 30 European companies with $1bn-plus valuations have been founded since the millennium.

Eleven of the companies were founded in the UK – more than any other European country. Their success was put down to both a sizeable domestic market and the fact that technology adoption is very high.