On Friday (7 March), the ASX (Australian Stock Exchange) announced that the iProperty Group (ASX:IPP) would be added to the ASX 300 - the index of the top 300 listed stocks on the Australian Stock Exchange. The REA Group, Seek and Carsales are already members of the prestigious ASX 100.
Following the announcement of the inclusion on the ASX 300, the IPP shares jumped 13% to close at an all time high of AUD 3.48. The market cap of the company is now over AUD 600 million. Not bad for a business that just over 5 years ago had a share price of just 10c.
In March last year, Property Portal Watch covered the turnaround of the iProperty Group. In a series of articles we looked at how the business was turned around on placed on the right track to success. Part 1 looked at what had gone wrong with the business while Part 2 looked at what changes were made and how this resulted in strong, continued growth.
Simon Baker, the founder and executive chairman of Property Portal Watch is the former Chairman of the iProperty Group.