Shares in Zoopla, a property aggregating website, have jumped by more than five per cent on the first day of its IPO, up over 230p from an opening price of 220p.
Investors have been eagerly anticipating the launch by Zoopla Property Group, which is owned by the Daily Mail And General Trust (DMGT).
A float seemed inevitable as a readily available source of funds for DMGT to tap into. The only real questions were when and for how much the company would go.
Zoopla had indicated the opening share price would be between 200p and 250p, putting the opening price of 220p in the lower half of the range.
The 417,642,460 shares on offer make up 38.3 per cent of Zoopla's issued share capital, with Countrywide responsible for selling 2.2 per cent of the total.
Zoopla was launched in 2008 by Alex Chesterman, who also founded LoveFilm, and Simon Kain, a former senior developer at Amazon UK.