Australia's Real Estate Investar is in the process of an Initial Public Offering (IPO) on the Australian Securities Exchange. The company is seeking to raise AUD 5 million at 20c per share with a market cap of AUD 17 million. If successful the company will begin trading early to mid December.
The company's long time Chairman and major shareholder is Simon Baker. As well as the founder of this publication, Simon is the former CEO and MD of the REA Group, the former Chairman of the iProperty Group and the current Chairman of the recently listed Mitula Group which has seen a 33% increase in its shares since listing on 2nd July this year.
Following a successful IPO, Australian media powerhouse, Fairfax will be a 12.6% shareholder in the business. Fairfax is the owner of Domain.com.au, Australia's second largest property portal. Antony Catalano, the CEO of the Domain Group, has taken a non-executive Board role with the company.
The company is meeting with fund managers in Sydney and Melbourne this week.