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OnTheMarket shares finally exceed original AIM launch share price

After initially plummeting to £1.40p after its AIM listing, shares in the portal today reached £1.70p.

Nigel Lewis

onthemarket springettIf you’re an agent who holds OnTheMarket shares then it may be time to celebrate.

The company’s share price has finally recovered and today exceeded its original offer price of £1.63p from ten days ago.

Trading in OnTheMarket shares peaked at £1.70p late this afternoon, the highest the share price has reached to date.

At launch the share price dropped to a low of £1.40p but has since been climbing slowly to today’s high, helped by an upbeat announcement on Friday that included details of its strategy to both target smaller agents and tie-in larger agent groups to long-term deals.

“The more agents who join now, the more we believe all agents and property-seekers will benefit in terms of the increased property stock at OnTheMarket.com,” CEO Ian Springett said in Friday’s statement.

“We are focused on reaching out to agent firms across the country which can see the disruptive appeal of our proposition of sustainable fair pricing from an agent-backed portal.”

Excited

Springett is currently refusing all interview requests, but has been busy doing the rounds at agent gatherings, including at agent Jackson-Stops’ annual conference, at which he said he was “excited by progress”.

During today’s session on AIM nearly 18,000 share in OnTheMarket were traded, slightly down on Friday’s volumes, although its shares were the only ones to record gains – the vast majority of the property industry’s PLCs saw their shares drop.

February 19, 2018

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