Singapore-based crowdfunding platform CoAssets Limited (“CoAssets” or the “Company”) has announced that it has been listed on the Australian Securities Exchange Ltd (“ASX”) today under the ASX code “CA8” after successfully raising US$4.94 million under its Public Offer at an issue price of US$0.30 per share.
This builds upon an initial US$3.53 million raised from various private placements. In the past 12 months, the Company has raised more than US$7.36 million from both private placements and the public listing. At the offer price, the Company is estimated to have a market capitalisation of US$49.82 million.
Incorporated in 2013, CoAssets specialises in debt crowdfunding for real estate and for small and medium-sized enterprises (SMEs), looking to fill the US$73k to US$3.68 million funding gap.
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 intends to use the funds raised on marketing, managing intellectual property (IP) and product development to enhance the existing platform. These will be managed through the Singapore HQ.
The company will also look to expand regionally, and intends to grow its pipeline of opportunities and build exposure to growth markets in Singapore, Southeast Asia, China and Australia.
CoAssets has developed co-sponsorship events with the Property Council of Australia to promote real estate and SME crowdfunding.
Ongoing, 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.
“Our mission is for CoAssets to become one of the most trusted and leading crowdfunding companies in Asia Pacific,” said Getty Goh, CEO and Co-Founder of CoAssets, in a press statement.