Singapore-based crowdfunding platform CoAssets announced on Monday it has officially listed on the Australian Securities Exchange Ltd (ASX). This news comes after the funding portal raised S$6.72 million (A$6.55 million)1 under its Public Offer at an issue price of S$0.41 (A$0.40) per share. The company revealed that this amount builds upon an initial S$4.8 million (A$4.68 million) secured from various private placements.
The website stated in the past 12 months it has raised more than S$10 million (A$9.77 million) from both private placements and the public listing. At the offer price, it is estimated to have a market capitalization of S$67.73 million (A$66 million). Sharing details about the company’s move into the ASX, CEO and Co-Founder of CoAssets, Getty Goh explained:
“As a homegrown Singapore company, we are proud to be flying the flag high; demonstrating that we can deliver value within the Asia Pacific region. Singaporean companies are noted for our strong adherence to compliance and regulatory procedures; as well as our transparency in conducting business. 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.”
“We have built up an extensive user base in Southeast Asia who, like many Australian investors, are seeking yield or income alternatives to their traditional cash and fixed-income investments. We are advancing discussions with a few developers, with plans to be in a position to market the live deals in late August.”