OnTheMarket - First day OnTheMarket
OnTheMarket (OTM) has listed on AIM, raising £30m to build market share in the UK online property portal space. Founded as a mutual by estate agents, it is more closely aligned to their interests than the two main incumbents. The monies raised will be invested in sales and in IT, as well as funding a major marketing campaign to grow the agency network and increase brand awareness. This will push the group into loss for FY19 and FY20, with profits modelled from FY21 on. Backed by long-term agent contracts, OTM has high levels of recurring income on a scalable platform.
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