Sky News is reporting that OnTheMarket is to demutualise and list on the Stock Exchange.
The portal made much of its mutual status when it launched in 2015 but now Sky reports that it is tomorrow announcing an about face with a £50m floatation and a restructuring to change its status.
Sky says Zeus Capital, the investment bank, has been appointed to work on the listing.
The business is currently owned by its members, which include Savills, Chestertons and Knight Frank - these and other members will have to agree to demutualise.
This question is likely to be raised at 20 ‘roadshow’ meetings OTM will be having with member agents during August.
OnTheMarket has roughly 5,700 estate agents and letting agents on its portal - still a long way behind the numbers posted by Zoopla and Rightmove but now with roughly a one-third share of the portal market.
More on Estate Agent Today at midnight.