UK property website Rightmove set for listing

UK residential property website Rightmove fired the starting gun on a stock market flotation today.

The site, which offers house and flat hunters the chance to browse estate agents’ stock online, is owned by estate agent Countrywide, mortgage bank HBOS and Connells, another estate agency business. All have 30% holdings while insurer Royal & Sun Alliance owns the rest.

The proposed flotation is expected to be completed in March, with reports last month putting a value of more than £400m (€583m) on the business.

The move comes amid signs of renewed appetite for dotcom businesses, following the sale of Friends Reunited and the £48m (€70m) acquisition of rival website by the Daily Mail & General Trust.

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