Singapore crowdfunding platform CoAssets lists on ASX

SINGAPORE-BASED real estate and debt crowdfunding platform CoAssets on Monday announced that it has listed on the Australian Securities Exchange (ASX), after raising AS$6.55 million (S$6.72 million) in its initial public offering (IPO) at an issue price of A$0.40 per share.

The company, which was previously listed on the National Stock Exchange (NSX), is estimated to have a market capitalisation of A$66 million on ASX.

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

It intends to use the funds raised on marketing, managing intellectual property and product development. These will be managed through its Singapore headquarters, said CoAssets.