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.