Sky News says the online estate agent eMoov is drawing up plans to float on the stock market.
Sky has been well-informed on stock market floats from the property sector, being the first to break the news of Purplebricks and OnTheMarket’s flotation plans.
Now the service says eMoov's plans could involve a conventional initial public offering or allowing the company to become part of an existing listed company.
Sky claims the company has told prospective investors that its cost of service is falling sharply, and is forecast to decline from £484 per listing last year to £408 in 2018. It also expects to increase its listing price point from £795 this year to £995 next year.
“Sources said that eMoov was forecasting that it would record earnings before interest, tax, depreciation and amortisation of nearly £2m in 2018, with £3.6m of losses predicted this year” says Sky.
In recent weeks eMoov has recruited a senior marketing expert - Lucy Milne, formerly marketing director of Just Eat - and has raised £9m in its latest investment round, which values the company at £40m as a result according to chief executive Russell Quirk.
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