10/03/2006 Exchange is delighted to welcom Rightmove to the Main Market
10 March 2006
The London Stock Exchange is delighted to welcome Rightmove plc to the Main Market.
Rightmove operates in the UK residential property industry, connecting people to properties. Its principal shareholders are Countrywide Estate Agents, Connells Limited, Halifax Estate Agencies Ltd and RSA e-Holdings Ltd.
The Company’s principal business is the website www.rightmove.co.uk where its customers - estate agents, rental agents and new home developers - pay fees to have their properties displayed on the website, which provides home hunters with property details to search. The Rightmove.co.uk business competes in the market for classified property advertising, which includes print advertising, internet sites of individual estate agents and new home developers, and other property portals.
Ed Williams, Managing Director of Rightmove said, “We are delighted to be joining the Main Market and are extremely encouraged by the strong support the IPO has received from institutions, customers and staff. The IPO will provide us with a platform for growth, independence to fully exploit future growth opportunities and a long term capital base as well as enhancing our public profile.”
UBS Investment Bank is acting as Sponsor, Global Co-ordinator and Sole Bookrunner and Panmure Gordon is acting as Co-Lead Manager.