Zoopla Valued At £919m As Flotation Starts
Property website Zoopla had a market value of £919m following its share sale.
The firm - majority owned by Daily Mail And General Trust - said ahead of conditional trading that shares would be priced at 220p each in the Initial Public Offering (IPO).
That offer was in the lower half of the range it had previously announced of between 200 and 250p and represented 38.3% of the company's issued share capital.
No new shares were being issued and the offer was only open to financial institutions, such as banks and pension funds, alongside estate agents and developers.
Conditional trading began on the London Stock Exchange at 0800 BST and shares rose 5% in early dealing.
Alex Chesterman - the founder and chief executive of Zoopla - said: "We are delighted with our successful listing."
"We have received a significant level of institutional investor support in our business which once again underlines the growth potential of Zoopla Property Group."
It had initially been predicted that the sale could have valued the company at more than £1bn - a mark that attracted plenty of attention - though the decision to go for a price in the lower half of the range was seen as a cautionary nod towards rocky rides for other recent IPOs.
Zoopla, which is the UK's second-largest property website with 40 million monthly users, launched in 2008 and the bulk of its revenues come from estate agency fees.
Analysts have pointed to a potential for earnings growth at Zoopla as it currently rakes in less cash per transaction that its bigger rival, Rightmove.
But both websites are facing a potential threat from a new rival - backed by estate agencies.
More than 500 estate agents joined forces in February, planning to combat what they said was an "anti-competitive duopoly".
Agents' Mutual claim Rightmove and Zoopla keep putting their prices up and reaping huge profits against those made by small estate agents.