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Shares in online conveyancing services provider In-Deed Online had risen by one-third by the end of the first day’s trading on Aim.
In-Deed, which was founded by former Rightmove boss Harry Hill and former 3i executive Peter Gordon in 2010, raised £1.58m at 42p a share, which valued the company at £8.57m. The net proceeds were £1.17m. The shares opened at 47.5p and steadily rose through the day. They ended at their high for the day of 56.5p, which values In-Deed at £9.4m.
In-Deed had not generated any revenues by the end of March 2011.
Conveyancing is a fragmented market with the largest player claiming around 3% market share. The market is weak but it is likely to pick up in the future. The market is currently worth around £1.3bn a year. Management says that its model should be cash generative.
Longer-term, In-Deed talks of building up its brand and moving into other legal areas, such as will writing and personal accident services.
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