Year-old website Letsbuyit.com, which allows consumers to group together to buy products at reduced prices, is planning to float on the Neuer Markt next month.

The Internet-based "coshopping" service enables consumers and consumer groups to combine their purchasing power to achieve prices which were previously only available to wholesalers. The site currently has 450,000 members and is growing at a rate of 25,000 per week says the company. Although headquartered in London, Letsbuyit.com operates in 14 European countries.