Travers Smith corporate finance partner Philip Cheveley and corporate finance associate Mark Anderson have advised Zeus Capital Limited (as nominated adviser and broker) to New Broom Limited (to be re-registered as a public limited liability company and to be renamed Purplebricks Group plc) (“Purplebricks”), on its £240.3 million IPO.  The IPO involved the conditional placing of £58 million of existing and new ordinary shares.

Purplebricks is a leading national hybrid online estate agency and lettings business which was launched in 2014.  Its business is driven by a combination of professional local property experts, technology and customer facing software designed to change the whole experience of selling, buying and letting property.

Purplebricks is seeking admission to trading on AIM, a market operated by the London Stock Exchange.  Admission to AIM is expected to take place at 8.00 a.m. on 17 December 2015. The £25 million of funds raised will be used to drive Purplebricks’ advertising and marketing strategy and to further invest in the its technology and software platform.

Purplebricks was advised by Norton Rose Fulbright LLP (Richard Sheen).