Relisted owner of VaultRE and MyDesktop sees value climb 20%
The Proptech Group has seen its share price rise significantly on relisting on the Australian stock exchange earlier this week. The company which was previously listed as Property Investar changed its name following its purchase of two prominent Australian CRM companies back in March and in doing so delisted from the market. Having now been relisted on the ASX, demand for the shares has been very high with the newly minted stock’s price hitting $0.30 at one point yesterday (ASX:PTG).
As we reported back in October the company, chaired by ex-REA Group Executive Simon Baker, is looking to go on the offensive with its mission statement being to “acquire and invest in high-quality property technology businesses” and in doing so extract the most from synergies between businesses in the property technology space. Speaking about Proptech Group’s relisting on the ASX, Baker said:
“The acquisition of MyDesktop and VaultRE provides a solid, profitable platform to drive growth in the global PropTech sector. We look forward to the rapid growth of the company as we leverage our skills and capabilities to expand our current businesses and to acquire new ones.”
For more information on the mission of The 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.