Zoopla to reveal listing plans this week

[LONDON] British property website Zoopla will announce plans this week for a stock market listing that will value the company at about £1 billion (S$2.1 billion), the Sunday Times newspaper reported.

The flotation would be a boost for newspaper publisher Daily Mail and General Trust (DMGT) which controls 51 per cent of the seven-year-old company, the report added.

Plans were likely to be confirmed on Thursday when DMGT releases its latest financial results. DMGT will sell a "substantial number" of shares in the offering although it wants to remain the largest investor, the report added.

Zoopla refused to comment directly on the report but a spokesman referred to a statement made earlier this year. "As one of the fastest growing online businesses in the UK, our focus remains on developing our business in a sustainable way. Meanwhile, we are continuing to work with our advisers to consider our strategic options," it said.

Zoopla is Britain's second-largest property website after Rightmove plc. Its underlying earnings rose 26 per cent to £18.7 million between October and March, the Sunday Times said. - Reuters