Rightmove is set to be relegated from the FTSE 100 later this month, ending a lengthy spell in the UK’s blue-chip index after a sharp decline in its share price over the past year.
According to index provider FTSE Russell, the property portal is expected to join the FTSE 250 when the latest index reshuffle takes effect on 22 June. Housebuilder Berkeley Group Holdings is also expected to leave the FTSE 100.
The move follows a difficult 12 months for Rightmove, with its share price falling by more than 40%. Investor sentiment has been affected by a series of developments, including the company’s announcement of a £60m artificial intelligence investment programme, activist shareholder pressure and a £1.5bn legal claim filed earlier this year.
Rightmove floated on the London Stock Exchange in 2006 with a market valuation of around £425m and went on to become one of the UK’s most valuable listed property businesses. Shares reached a record high in 2021, giving the company a market capitalisation of around £6.7bn.
More recently, the company rejected four takeover approaches from Australia’s REA Group in September 2024, the highest of which valued Rightmove at £6.2bn. After REA withdrew its interest, Rightmove’s share price fell sharply and has continued to come under pressure.
At current levels, the stock is trading significantly below REA’s final offer and the company’s market value has fallen to around £3.3bn.
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