Singapore crowdfunding firm CoAssets lists in Australia

An investor reacts as he looks at a board displaying stock prices at the Australian Securities Exchange (ASX) in Sydney, Australia, on July 13.
An investor reacts as he looks at a board displaying stock prices at the Australian Securities Exchange (ASX) in Sydney, Australia, on July 13. PHOTO: REUTERS

SINGAPORE - Homegrown crowdfunding firm CoAssets Ltd announced its listing on Monday (Sept 5) on the Australian Securities Exchange (ASX).

CoAssets raised S$6.72 million (A$6.55 million) from its public offer of shares at S$0.41 (A$0.40) apiece.

An initial S$4.8 million (A$4.68 million) was also taken up from private placements.

At the offer price, the company is estimated to have a market capitalisation of S$67.73 million (A$66 million).

CoAssets, a incorporated here in 2013, is one of South-east Asia's largest crowdfunding platforms. The company specialises in debt crowdfunding for real estate and for small and medium-sized enterprises (SMEs), in the S$100,000 to S$5 million funding range.

Said its CEO and co-founder, Mr Getty Goh: "Singapore has been a great platform for our expansion since launch. We are ready to take the next step as a listed company and continue to drive value for our customers and shareholders. Today, we announce our listing on the ASX and notch a significant milestone for both economies, as the first crowdfunding company to list in Australia."

Mr Goh added that CoAssets has grown from a two-person start-up to 65-strong.

CoAssets said its Australian listing provides the market value it needs to expand in the Asia-Pacific region as well as drive investor awareness about crowdfunding and the platform.

The company intends to use the funds raised on marketing, managing intellectual property (IP) and product development to enhance the existing platform. These will be managed through the Singapore HQ.

CoAssets said it intends to take advantage of weaker economic sentiments in the region to grow its pipeline of opportunities and build exposure to growth markets in Singapore, South-east Asia, China and Australia, ahead of its competitors.

It has developed co-sponsorship events with the Property Council of Australia to promote real estate and SME crowdfunding. The company also plans to establish a wholesale global debt opportunities fund to invest in debt opportunities beyond its current S$100,000 and S$5 million range.