Flotation floundering

PROPERTY portal On The Market has raised a lessthan-expected £30m ahead of its stock market float next month following concerns over its ability to challenge online rivals.

The estate agent-backed site announced plans last month to float on AIM in a bid to raise £50m, which would value the group between £200m and £250m.

However, owner Agents’ Mutual said it had raised just £30m, valuing it at £100m.