Stock market flotation announced by property portal
It has been confirmed by Agents’ Mutual that the OnTheMarket flotation is to go ahead.
Set to proceed on the Alternative Investment Market, the flotation comes four months after the vote to demutualise Agents Mutual, who are yet to reveal the Initial Public Offering.
The parent organisation has, however, revealed that “appropriate incentives” will be brought in to try and encourage commitment from new members in the form of five-year deals.
As part of this, “selected” agents who commit to long-term listings agreements will be provided with share options when they choose to join the portal.
However, in order to help ensure interests of existing shareholders are aligned with the Group’s success, those with shares will be prevented from cashing them in too soon.
Deals with companies such as Hunters and Arun Estates have already been announced, as OnTheMarket begin to secure five-year commitments in exchange for shares.
Commenting on the advancement of the company was Ian Springett. The Chief Executive of Agents’ Mutual stated: “We have made good progress against our plans first announced earlier this year.
“We are now well placed to list and raise new funds to challenge the two leading incumbent portals. We are excited about this new chapter in OnTheMarket’s development, which will strengthen our market position, and benefit our agents, investors and consumers using our services.”