The publicly-listed Australian rental properties specialist Rent.com.au closed a limited-time offer to raise cash, primarily for its RentPay product, last week.
According to an announcement made on ASX (the Australian Stock Exchange):
The Rights Issue offered Eligible Shareholders the opportunity to subscribe for 1 new Share for every 5 Shares held at the record date at an issue price of $0.02 per Share together with one (1) free Attaching Option (exercise price $0.04 and expiry date of 31 December 2025) for every two (2) Shares subscribed for (the “Offer”).
The proceeds of approximately $2.5 million (before costs) will mainly be applied to continued commercialisation of RentPay.
The release went on to say that Rent.com.au raised A$492,380 from shareholders, with the remaining A$2 million (approximately) guaranteed by the underwriter RM Corporate Finance Pty Ltd.
Rent.com.au revealed record revenue of A$890,000 in its Q3 financial statement released in April.
Furthermore, the company's flagship RentPay product more than doubled its revenues compared to the same period in 2023, however, this came at the cost of EBITDA losses of A$500,000 for the quarter.
Online Marketplaces interviewed Greg Bader, CEO at Rent.com.au, on a recent episode of the Property Portal Watch Podcast. Watch the full episode below:
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