LONDON (Alliance News) - Property website Zoopla Property Group PLC and lending and savings company OneSavings Bank PLC both priced their London initial public offerings Thursday.
Additionally, real estate investment trust Secure Income REIT PLC began trading on the smaller AIM market.
Zoopla priced its offering at a range between 200 pence to 250 pence per share, giving it an implied value of GBP940 million at the mid-point of the range. It said it expects to join the FTSE 250 soon after listing.
Zoopla, which is currently majority owned by Daily Mail and General Trust PLC, said it would announce the final price on or around June 19 when conditional dealings on the London main market will commence. Admission and unconditional dealings in its shares are expected to begin on or around June 24.
The base offer is between 111 million and 179 million shares, between 27% and 43% of the company's issued share capital, and is comprised of existing shares only. The offer is being led by Credit Suisse and Jefferies.
Existing shareholders, which also include Countrywide PLC and LSL Property Services PLC, have agreed to sell between 31% and 50% of their pre-IPO shareholdings. In a separate statement Thursday, Daily Mail confirmed that its 52.6% interest in the company will fall after the IPO.
"We have been delighted with the response to the news of our intention to float, including from our members who will have the opportunity to participate in the initial public offering and become shareholders in our business," said Chief Executive Officer Alex Chesterman in a statement.
Zoopla said its key performance metrics continue to be significantly ahead of the previous year since its financial half-year end in March.
It has continued to see traffic on its websites and mobile applications grow, with average monthly visits for eight months ended May 31 reaching 41 million, up 37% on the previous year.
The company's website, Zoopla.co.uk, is the UK's second-largest property search website after Rightmove.co.uk, operated by Rightmove PLC.
Zoopla reported revenue of GBP38.8 million for the six months ended March 31, up from GBP30.3 million a year earlier, with pretax profit up to GBP12.8 million from GBP11.7 million.
OneSavings Bank priced its offering at 170 pence, giving it a total market capitalisation of GBP413 million. It expects to raise GBP134 million in total from the offering, of which it will receive GBP41.5 million, and its major shareholder OSB Holdco Ltd around GBP93 million.
Assuming the over-allotment option is fully exercised, OSB Holdco could receive as much as GBP113 million.
OneSavings began trading Thursday on the main market. Canaccord Genuity Ltd and RBC Europe Ltd are acting as joint book-runners, and N M Rothschild & Sons Ltd as its financial adviser. Its quoted up 175.5p, up 3.2% from the IPO price.
Secure Income was admitted to AIM Thursday, raising GBP15 million through the placing of 8.6 million shares at 174 pence per share. The company's shares have risen 21% to 210 pence Thursday morning.
On admission, Secure Income had a market capitalisation of GBP293 million at the placing price.
Secure Income has a freehold portfolio of 28 real-estate assets valued at GBP1.46 billion as at April 30, it said, including attractions managed by Merlin Entertainments PLC, such as Madame Tussauds, Alton Towers, Thorpe Park and Warwick Castle and 21 private hospitals.
It will be managed by Prestbury Investments LLP, part of the Prestbury Group which will have a 26% interest in the company.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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