LONDON, May 18 (Reuters) - British property website Zoopla will announce plans this week for a stock market listing that will value the company at about one billion pounds ($1.7 billion), the Sunday Times newspaper reported.
The flotation would be a boost for newspaper publisher Daily Mail and General Trust (DMGT) which controls 51 percent of the seven-year-old company, the report added.
Plans were likely to be confirmed on Thursday when DMGT releases it latest financial results. DMGT will sell a “substantial number” of shares in the offering although it wants to remain the largest investor, the report added.
Zoopla refused to comment directly on the report but a spokesman referred to a statement made earlier this year.
“As one of the fastest growing online businesses in the UK, our focus remains on developing our business in a sustainable way. Meanwhile, we are continuing to work with our advisers to consider our strategic options,” it said.
Zoopla is Britain’s second-largest property website after Rightmove Plc. Its underlying earnings rose 26 percent to 18.7 million pounds between October and March, the Sunday Times said.
$1 = 0.5942 British Pounds Writing by Keith Weir; Editing by Sophie Hares