RealTime IT News

Realestate.com.au Shares in High Demand

Australian Internet real estate portal realestate.com.au has received strong demand for its prospectus, confirming the continued high expectations for Internet stocks.

The document, released this Monday, detailed the company's plans to raise AUS$7.65 million and to build business over the long term.

"Since we announced our intention to float just under two weeks ago, we have been inundated with phone calls from prospective investors," said Andrew Barnes, realestate.com.au's chairman.

"The funds will enable us to continue to strengthen our already powerful brand name and will allow us to pursue strategic opportunities enabling us to further grow and develop the Internet real estate industry in Australia," Barnes said.

Applications for shares close on Friday November 5 with listing on the Australian Stock Exchange scheduled for November 18.