Auto Trader’s shares hit the market today, priced at 235p each, valuing the company at £2.35bn.

The company, which employs 600 staff at its First Street head office in Manchester aims to raise around £437m from the listing as it releases 59% (590m) of its shares.

Founded in the 70s, Auto Trader appears to have successfully navigated the move away from print to online. It closed its magazine in June last year, to concentrate solely on its digital operations.

It is owned by private equity firm Apax, which took control of the Group in January 2014 after buying out the remaining shares from Guardian Media Group.