Real Estate Investar Group Limited (REI), which provides information, data services and tools to help people create wealth through property investment, has announced a share offering via a prospectus for as many as 20,000,000 shares at an issue price of A$0.30 per share.
At the issue price of A$0.30 per share, REI will have a market capitalisation of approximately $24.1 million prior to any new investment, or $30.1 million once fully subscribed.
REI currently has more than 2,500 paying subscribers and a database of more than 95,000 active and potential property investors.
Founded in 2006, REI has demonstrated compound annual revenue growth of 54% since the financial year ended 30 June 2007, including 47% annual revenue growth for the year ended 30 June 2013.
REI Managing Director Ian Penman said: “In the last 18 months, we have invested heavily in our people and product, so we can help our members create wealth through property investment using our innovative technology, services and support."
“We are now completing this larger capital raise to accelerate business expansion both in Australia and overseas, continue new product development and increase marketing activity.”
REI Chairman Simon Baker continued: “Funds put into developing new products should attract more customers and make our service more compelling for existing members."
"We are excited by this prospect and of building a profitable business capable of international expansion."
A copy of REI's prospectus can be downloaded here.
Real Estate Investar is chaired by former REA Group head Simon Baker. The company recently added Ian Penman as Managing Director and CEO.
More recently, Mr Penman was the CEO of Volante Group Limited.
Mr Penman spent 18 years at IBM and 15 years as the chief executive of Compaq Computer Corporation.