PropTech Group To Relist on The ASX To Raise A$10.6 Million

The Australian company formerly known as Real Estate Investar Group is in the process of relisting on the Australian stock exchange. Under the new name of PropTech Group, the company will go by the PTG ticker and will have as its mission “to own, operate, and invest in high-quality property technology businesses that primarily focus on the Australian, New Zealand, and United Kingdom residential and commercial real estate markets.”

The group already owns leading CRM software in Australia MyDesktop and believes that investment into adjacent products within the PropTech market can create synergies and benefit shareholders in the long term. Although the company is already profitable at the EBITDA level according to its prospectus, it is seeking to raise some A$10.6 million at A$0.25 per share to finance the March acquisition of MyDesktop’s parent company and to look at other opportunities.

As well as its CRM assets, the company also owns and operates the property platform realestateinvestar.com which is a real estate investment opportunity search engine as well as a portfolio tracker and data analysis platform. The platform is not expected to change its name in line with its parent company.

For more information around the mission of PropTech Group, company CEO Joe Hanna spoke to Simon Baker as part of the Virtual Property Portal Watch APAC 2020. You can read also the PropTech Group prospectus lodged with the ASX here.