Purplebricks Value to Raise to £250m with New Stock Market Listing
Purplebricks, the online estate agency, has informed shareholders that it plans to list itself on the London Stock Exchange as early as next month. Sky News have discovered that Purplebricks have appointed Zeus Capital, an investment bank, to help them achieve this.
Initial rumours taken from City institutions suggest there is a significant demand for Purplebricks’ shares which is potentially why the move is being proposed. If the plan is to go ahead then Purplebricks could reach a value of up to £250 million.
This proposed flotation onto the stock market has been suspected for some time now. Purplebricks shareholders agree that listing the online estate agency before Christmas would be a very sensible idea.
Just six months ago Purplebricks raised new money bringing the online estate agents valuation of just over £100m. If you compare this to a year ago, Purplebricks was only worth £7m.
Recent company investors in Purplebricks include Neil Woodford, the leading fund manager, Errol Damelin, the former boss of payday lender Wonga, and Paul Pindar, the ex-chief executive of Capita.
The investment bankers who have been working on the Purplebricks IPO at Canaccord Genuity recently left to went to join Zeus. Purplebricks and Zeus have declined to comment on the proposed stock market flotation plan.
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