This article is from the Australian Property Journal archive
CO-working space operator Wotso intends to raise as much as $50 million over the coming months as it demerges from parent company ASX-listed BlackWall and nears an IPO.
Each business’s management is now operating as separate entities albeit Wotso is still a wholly-owned subsidiary of BlackWall Limited.
Further paperwork for the float is expected to be lodged with the Australian Tax Office this week, as will a notice of meeting with ASIC and the ASX this week and the corresponding meeting of BlackWall Limited shareholders is expected to occur in late November or early December.
Wotso intends to undertake non-underwritten entitlement offer to raise between $5 million and $10 million, as well as raise up to $40 million over the coming six months by way of strategic placements and a pre-IPO equity raising.
“These transactions are expected to be completed prior to Wotso listing on the ASX in its own right, which is anticipated to be in the first or second quarter of the 2020 calendar year.
“The proceeds of these capital raisings will be used to grow Wotso’s network of suburban and regional workspaces.”
