PropTech Group gains 20 per cent as it relists on the ASX
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Property stock PropTech Group (ASX:PTG) has enjoyed a stellar return to the ASX.
The company, once known as Real Estate Investar Group, changed its name following the acquisition of two real estate property companies.
In March, it bought real estate agent focused CRM platforms VaultRE and MyDesktop.
The latter of these platforms was once owned by Domain (ASX:DHG). These act as a central management tool for property transactions.
Shares have been suspended ever since because ASX regulations required shareholders to sign off on the deal and the company to re-comply with Chapters 1 and 2 of the ASX listing rules.
PropTech Group raised $10.6 million at 25 cents a share to finance the acquisition.
Shares commenced trading at market open and climbed to 30 cents – a 20 per cent premium to the deal.
PropTech Group says it is not only eyeing off future growth from its existing platforms but acquisitions.
The company says its strategic aim is to “acquire and invest in high-quality property technology businesses”.
It argues the deal means it is now in an ideal position to pounce.
“Today marks an important milestone for PropTech Group,” said chairman Simon Baker who once was an executive at realestate.com.au – owned by REA Group (ASX:REA).
“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.”