Zoopla float values property company at £919m

The upcoming flotation of Zoopla is set to value the online property search company at £919m.

The price is lower than it might have been, as the company has priced its shares at 220p, at the lower end of the 200-250p range at its Initial Public Offering.

Zoopla is set for a full flotation on June 23. Credit: Mike Egerton/EMPICS Sport

Wednesday morning saw the first tranche of shares open for dealing by institutional investors, with a small rise in their value from 220p to 230p.

On June 23rd the shares will be open to "unconditional dealing", meaning anyone can buy them.

Among the big potential winners from the flotation is DMGT, the owner of the Daily Mail newspapers, which owns 52% of Zoopla shares and could be in line for a windfall approaching £180m.