A challenger rental site has announced a fully underwritten, non-renounceable pro rata offer of up to 36.4 million shares at an issue price of 15 cents each.
The issue by Rent.com.au is set to raise $5.5 million before costs, which will allow the company to begin the offline phase of its national branding campaign, according to a company release.
Mark Woschnak, Rent.com.au managing director, said he was pleased with the strong demand from institutional and sophisticated investors, which reflected the company’s continued strong progress in its core objectives.
“We recently announced that March 2016 was one of our strongest months on record, with the strongest new agent registrations since listing and all‐time highs in the number of unique visitors and also non‐agent listings on the site,” he said.
“We have a strong board and executive team [and] robust and scalable technology, and are now well capitalised to further accelerate our commercialisation objectives by commencing offline marketing activities to support our recently deployed national sales team.”
Rent.com.au shareholders will be eligible to acquire one additional share for every three shares they hold as of 13 April 2016, with acceptance forms to be returned by the closing date of 28 April 2016.