ref="http://dev2.cityam.com/company/rightmove">RIGHTMOVE founder Harry Hill will today list his new conveyancing project on the Alternative Investment Market.
In-Deed, which Hill launched with private funding last month, is raising £1.58m by placing 3.77m ordinary shares with institutional and other investors, the firm will announce to the stock market today as its shares commence trading.
After the IPO, Hill and his co-founder, one-time 3i Group partner Peter Gordon, will each retain a 10 per cent stake in the business. The firm said in its announcement today that the float is “significantly oversubscribed”.
Non-executive director Boris Zhilin has taken a 5.4 per cent stake, while Anthony Ekins, a property veteran who is a non-executive at Hill’s JKM Property Solutions, has also taken 3.9 per cent of the post-float equity.
HSBC, Octopus Investments, Hargreave Hale and nominated adviser Numis have all taken stakes ahead of the float, helping to give In-Deed an expected market capitalisation of £8.57m when in joins AIM.
“We are delighted with the strong interest our listing has generated,” said Hill, who stepped down as chairman of estate agent Countrywide in 2009.
“This is an important step in driving our business’ growth and will help us to fulfill our ambition to become market leader in the conveyancing sector within 3 years.
“I’m not very good at being second or third…I believe In-Deed can dominate the conveyancing market and set service standards for others to aspire to,” he added.
The firm has been set up to cash in on the complexities of the UK property market. In-Deed claims that one in four homebuyers find conveyancing confusing, and hopes to provide online services to make the process simpler. In-Deed aims to become a market leader in the £1bn conveyancing sector through its website.