Renting tech firm Property Connect debuts on ASX at 20% premium

Renting tech firm Property Connect debuts on ASX at 20% premium
Renting tech firm Property Connect debuts on ASX at 20% premium
Rental property technology company Property Connect Holdings Limited (ASX:PCH) has started trading on the Australian Securities Exchange after raising $2.5 million as part of a reverse takeover by Conquest Agri (ASX:CQA).
 
The company first traded at $0.06 per share, a 20% premium to its listing price of $0.05, said a media release.
 
Property Connect issued 50 million shares, implying a market cap of A$12.28 million upon listing.
 
Trading will commence as Conquest Agri before the name change to Property Connect, and the PCH ticker, comes into effect pre-market open on March 24.
 
Property Connect's LiveOffer™ technology allows potential tenants to make an offer on a rental property, thus creating a fair market value for properties.
 
The renter can adjust the rent paid, move in date and lease term which helps leasing agents get market-driven terms on each property.
 
LiveOffer™ can be integrated into existing property management software and will allow renters to place an offer on a property and see in real-time where they are placed against other applicants. 
 
Initially, Property Connect will target the vast US multifamily apartment market with additional real estate sectors and markets anticipated to follow. The company is targeting organisations with more than 5,000 properties (multiple communities) under management and has agreements in place for LiveOffer™ with groups accounting for more than 100,000 apartments under management.

Property Connect will charge a set-up fee and monthly fee for each community placed on the LiveOffer™ system by the property manager, in addition to a 1-3% transaction fee per lease passed through the platform.
 
"Listing on the ASX is an important milestone in the company’s development and we look forward to delivering a technology platform that will allow property managers to optimise the leasing process and maximise property value,” said founder and CEO Timothy Manson.

Version 2.0 of LiveOffer™ is expected to be launched in the second-half of this year. 
 
 
Tags: 
Property Rental Asx Listing

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