The company behind the real estate-focused IPSX stock exchange is raising fresh capital and said it has confidence in the “growing success” of the market following its first two listings.
Newly published accounts for IPSX Group, whose subsidiary IPSX UK operates the exchange, reveal that the company kicked off a fundraise last summer to secure up to £10m in fresh funding. It has so far raised £8.8m, and said that further discussions are ongoing.
The company invested £3.3m into the IPSX UK subsidiary over the 18 months and a further £5.1m since, along with a loan of £1.75m.
The accounts show a leap in revenue to £167,844 for the 18 months to 30 June 2021. The company posted a loss of £5.6m.
In the accounts, the company described the period under review as “dominated by the disruption caused by the Covid-19 pandemic”.
The report said: “Although all equity markets remained open and very active both for primary and secondary issues, it was a challenging time to be introducing a new specialist market. However, we are delighted that we have been able to make significant progress on a number of fronts.”
Mailbox REIT listed on the exchange in May 2021. More recently the market welcomed M7 Reginal E-Warehouse REIT.
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