Property site Zoopla sets IPO price in lower half of range

The offer represents 38.3 per cent of the online company’s issued share capital

Zoopla Property Group, the property website majority owned by Daily Mail And General Trust, on Wednesday set the price of its initial public offer in the lower half of the range, valuing the group at £919 million (€1.15 billion).

Zoopla, which had said it would price the shares at between 200 and 250 pence, said the offer price had been set at 220 pence per share.

The offer represents 38.3 per cent of the company’s issued share capital. No new shares are being issued.

The float of the country's second largest property website after Rightmove follows the recent listings of online groups AO World and Just Eat, and the stock market float last year of property agent Foxtons.