Zoopla sets IPO at 220p

This is just below the middle of its 200p-250p a share price range and values the company around £919m, reports The Telegraph.

The valuation puts DMGT, owner of the Daily Mail newspaper titles, in line for a £177m windfall. The media group is selling 19pc of its holding in the offering and will retain 33.7pc stake in the Britain’s second biggest housing site behind Rightmove.

Countrywide said it had sold a 2.2pc stake worth £20m and continue to hold a 4.1pc stake.

Zoopla will have a freefloat of 38.3pc. These are the shares in the company which are not held by existing investors and which can be bought in the market.

Alex Chesterman, the founder and chief executive of Zoopla, said: “Today’s announcement marks an important milestone for our business following a number of years of strong growth.”

He said the IPO had received “a significant level of institutional investor support” and the backing of members.