rent.com.au commences trading on ASX

Online property rental company rent.com.au has commenced its first day of trading on the ASX, after being acquired by Select Exploration in a backdoor listing.

At 1pm, Rent shares were trading at 19 cents, down 1 cent from its opening offer price.

“With the successful capital raising of $5 million completed, Rent is now poised to commence commercialising the site by deploying its national marketing campaign in the coming weeks,” the company said in a statement.

The Mark Woschnak-led company’s 12-month growth plan involves increasing the volume of renter traffic to 500,000 visitors per month, increasing the amount of rental property listings from non-agent landlords, and increasing content from and sales to property agents.

“In order to support these objectives, the recruitment of key management staff and sales and marketing teams are well progressed,” it said.

“Rent is also well progressed with regards to appointing marketing agency partners to support the national marketing campaign.”

Select announced the reverse takeover of Rent in December last year, but, like many other reverse takeovers or backdoor listings, the transaction fell well behind its original timeline.

The company was originally scheduled to list on the ASX in April.