EasyProperty to put IPO plans on back burner

Online estate agent easyProperty won’t be looking to list for at least the next two years or so as it has gained the backing of hedge fund Tosca, the company’s chief executive and largest shareholder said.

"With Tosca on board, and they're very keen to back us in a large way, there is really no need to rush to market," Ellice told Reuters.

EasyProperty, which was founded by businessman Stelios Haji-Ioannou, raised £25m in its latest funding round this week that valued the company at more than £100m.

Toscafund put down £14m to become the group’s second-largest shareholder.

Ellice said the level of interest in the company was huge, especially with money coming in from places such as Monaco, Dubai and Abu Dhabi.

Late last month, Sky news reported that easyProperty was seeking £5m to fund its expansion and additional investment in marketing.

The placing could have been 10 times oversubscribed had easyProperty accepted £25m being offered by a large US-based investor, Ellice said.

Ellice expects easyProperty to be worth more than £1bn in the next two or three years as the company expands overseas.

"We're not up for sale at the moment ... We are acquisitive and aggressive at the moment," he said.