Real Estate Investar Group has gone public through an over-subscribed initial public offering that raised $5 million.
Former REA Group chief executive Simon Baker is the company’s chairman, while Domain Group chief executive Antony Catalano is a non-executive director.
Real Estate Investar Group sells subscriptions to investors to help them find properties, estimate their market value and then complete due diligence investigations.
According to its 2014-15 annual report, partner referral activities in property sales, property management and finance will be a “key growth area” for the group.
Real Estate Investar Group wants to “build new revenue streams and referral models for complimentary property investment-related products and services”.
The group generated $500,000 in referral income in 2014-15, which marked a 209 per cent increase on 2013-14.
However, revenue fell 2.6 per cent to $4.0 million, while the net position deteriorated from a $351,000 loss to a $2.1 million loss.
According to the annual report, Real Estate Investar Group has focused on long-term growth through developing its products and increasing its subscriber numbers. “This has resulted in the group operating at a loss in the short term,” it said.
Mr Baker said the successful ASX listing was testament to the continued growth and success of Real Estate Investar Group.
“We believe an ASX listing will provide the foundation for the next phase of our expansion and ultimately help us achieve our longer-term growth ambitions,” he said.