Singapore based CoAssets, has been listed on the Australian Securities Exchange (ASX), after raising AS$6.55 million (S$6.72 million) in its initial public offering (IPO) at an issue price of A$0.40 per share.
The real estate and debt crowdfunding platform which was previously listed on the National Stock Exchange (NSX), is estimated to have a market capitalisation of A$66 million on ASX.
CoAssets said that the Australian listing provides the “market value” it needs to expand in the Asia-Pacific region, and to drive investor awareness about crowdfunding and the platform. It intends to use the funds raised on marketing, managing intellectual property (IP) and product development to enhance the existing platform. This will be managed and supervised from its headquarters in Singapore. Getty Goh, CEO and co-founder said,
Singapore has been a great platform for our expansion since launch. We are ready to take the next step as a listed company and continue to drive value for our customers and shareholders. Today, we announce our listing on the ASX and notch a significant milestone for both economies, as the first crowdfunding company to list in Australia.
Founded in 2013, CoAssets, is one of South-east Asia’s largest crowdfunding platforms. It mainly specialises in debt crowdfunding for real estate and for small and medium-sized enterprises (SMEs), in S$100,000 to S$5 million funding range.
Getty also said that CoAssets has grown from a two-person start-up to 65-strong. The platform intends to take advantage of weaker economic sentiments in the region to grow its pipeline of opportunities and build exposure to growth markets in Singapore, South-east Asia, China and Australia, ahead of its competitors.
The company has developed co-sponsorship events with the Property Council of Australia to promote real estate and SME crowdfunding. Also, there are plans to establish a Wholesale global debt opportunities Fund to invest in debt opportunities that fall outside the reach of its current platform, beyond the US$73.56k and US$3.68 million range, in the Asia Pacific region. Getty in a press statement said,
Our mission is for CoAssets to become one of the most trusted and leading crowdfunding companies in Asia Pacific.