Australia's Rent.com.au rental property website has successfully completed its $5.46 million capital raising with investors including former head of real estate at Macquarie Bank Bill Moss AO and Century 21 Australia Chairman Charles Tarbey.
The company says demand for underwriting shares was heavily over‐subscribed with a strong level of support from existing shareholders.
RENT Managing Director Mark Woschnak says the funds will primarily be used to fund mass market brand profile
With the entry of strategically important shareholders to the register and strong demand from both existing shareholders as well as institutional and sophisticated investors, he says the company's ability to capitalise on growth opportunities is substantially improved.
“We received a higher than expected level of take‐up of the rights issue from existing shareholders, which resulted in significant excess demand from the institutional and sophisticated investors who underwrote the offer,” Woschnak says.
"This capital raising has not only enabled the business to launch its branding campaign as it moves to full commercialisation, but it has also brought in strategically important investors Bill Moss AO and Charles Tarbey, who add further corporate and industry depth from which the business will benefit."
Jett Capital Advisors were the lead manager and underwriter of the offer, with Somers & Partners (formerly GMP Securities) acting as brokers to the Offer.
RENT was formed in 2007 and raised $5 million at 20c per share in a backdoor listing on the ASX following a takeover of Select Exploration.
The stock is currently trading at 16.5c, ahead of the 15c issue price.