By Jonathan Davies

The classified car ad website Auto Trader has been valued at £2.35 billion as it floated on the London Stock Exchange.

Its shares were priced at 235p each as it started conditional dealings at 8am on Thursday. Unconditional dealings at set to start on 24 March.

Claiming to be the UK's biggest car website, Auto Trader announced its plans to float on the stock exchange in February.

The company was founded in 1977 as a classified car ad magazine but began running ads online in 1996 before publishing its final magazine in 2013.