Simon Baker's Real Estate Investar Group debuts on ASX with Fairfax backing

Simon Baker's Real Estate Investar Group debuts on ASX with Fairfax backing
Simon Baker's Real Estate Investar Group debuts on ASX with Fairfax backing

Real Estate Investar Group (REI Group), a provider of online services to Australian and New Zealand property investors, has made its ASX debut opening this morning at 21 cents, then trading at 19 cents.

The listing follows the raising of $5 million through a fully underwritten initial public offering (IPO) of 25 million shares at $0.20 per share. 

With 12 percent Fairfax Media is the largest shareholder in the company, with one of REI's non-executive director being Antony Catalano, CEO of Domain Group.

The REI Group provides online products and services to property investors to assist in the identification, analysis, acquisition, tracking and accounting of residential Investment Property.

Customers pay through paid subscription.

REI Group owns and operates the websites www.realestateinvestar.com.au and www.realestateinvestar.co.nz

The company board includes chairman Simon Baker (former CEO and managing director of REA Group and chairman of the Mitula Group).

Baker said he believes the ASX listing will provide the foundation for the next phase of our expansion.

The listing follows the real estate listing services company, the McGrath Estate Agency which floated on the ASX at $1.94 on Monday is currently at $1.85. 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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Investment Ipo

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