Shares of U.K. property website Zoopla Property Group plc (LON:ZPLA) climbed yesterday after its initial public offering. Management said they had a lot of interest from institutional investors.

Zoopla Property Group

Zoopla raises capital from big investors

Founder Alex Chesterman reportedly sold a 3.5% stake in the company, raking in about $54 million in the sale. Currently shares of Zoopla are trading at a valuation of around $1.53 million on the London Stock Exchange. Atlas Ventures, one of Zoopla Property Group plc (LON:ZPLA)’s major shareholders, also won big in the company’s IPO yesterday. Zoopla had raised $13.4 million from Atlas, SVB and Octopus in previous funding rounds.

Zoopla Property Group plc (LON:ZPLA) priced its IPO at 220 pence per share and sold 38.3% of those shares to new investors. The stock traded at 229 pence per share, according to The Wall Street Journal. The company’s market capitalization was more than $1.61 billion. The 220 pence per share was at the lower end of the IPO range Zoopla set previously, which was between 200 pence and 250 pence per share. Members of the public still can’t buy into Zoopla Property Group plc (LON:ZPLA), however. Unconditional dealings in the stock do not start until June 23.

Zoopla’s biggest shareholders sell

Some of Zoopla Property Group plc (LON:ZPLA)’s largest shareholders have revealed intentions to sell some of their stakes. Daily Mail and General Trust PLC, a newspaper publisher, announced plans to sell up to 40% of its stake in the online real estate company. The publisher currently has a 52.1% stake in Zoopla. The company will retain at least a 31% stake in Zoopla. The most Daily Mail could receive from Zoopla’s IPO Is £190 million. Two other major shareholders, LSL Property Services PLC and Countrywide PLC, have also said they plan on selling some of their stakes in the company.

Zoopla Property Group plc (LON:ZPLA) said after its IPO that it plans to grow its business by launching new websites targeting international markets. The company said it also plans to introduce more products and services. The company reported £38.3 million in revenue for the six months ending on March 31. It gets most of its revenue from real estate agent subscriptions.