Singapore-based crowdfunding platform CoAssets Limited today announced that it had listed on the Australian Securities Exchange Ltd after it raised raised S$6.72 million ($4.95 million) under its initial public offering at an issue price of A$0.40 ($0.30) per share.
Over the past year, CoAssets has acquired more than A$9.77 million ($7.4 million) from both private placements and the public listing. At the offer price, it is estimated to have a market capitalisation of S$67.73 million ($50 million).
The company plans to use the funds on marketing, managing intellectual property and product development to enhance the existing platform. These will be managed through the Singapore head quarter, the CoAssets said in a release.
The company will also look to expand regionally, with 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 S$100k and S$5 million range, in the Asia Pacific region.
“CoAssets 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, Southeast Asia, China and Australia, ahead of its competitors,” the company said.
Founded in 2013, CoAssets specialises in debt crowdfunding for real estate and for small and medium-sized enterprises, looking to fill the S$100k to S$5 million ($73,600-$3.86 million) funding gap. Its facilitation platform allows developers and businesses to list investment opportunities online. Registered users have the ability to view, research, and invest in real estate or small and medium enterprise debt instruments.
“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,” said CEO and Co-Founder of CoAssets, Getty Goh said.
The Australian listing provides CoAssets the market value it needs to expand in the Asia Pacific region as well as drive investor awareness about crowdfunding and the platform, the company said.