Purplebricks expected to be admitted to AIM with market cap of £240m

SOLIHULL-based online estate agency Purplebricks has conditionally raised £58.1m before expenses from an institutional placing and is expected to be admitted to the Alternative Investment Market (AIM) with a market capitalisation of £240.3m.
 
Purplebricks is a national estate agency and lettings business which aims to “change the whole experience of selling, buying and letting property”.

It has grown rapidly since its regional launch in April 2014, with its revenue in September 2015 being around ten times greater than the previous year.

The company suggests that based on its recent monthly run-rate of fee paying customers, it already has the fourth highest number in the UK

The firm has approximately 4,300 residential properties for sale, which represents more than twice the number of properties as the next largest online agency.
 
Trading in Purplebricks’ shares is expected to start at 8.00am on December 17.
 
Zeus Capital is acting as the company’s nominated adviser and broker.