MELBOURNE - The Daily Planet brothel in Melbourne, touting its recession-proof services, says its plans to float have met with so much interest it will bring forward its stock exchange listing to early next year.
Selling itself as a "very busy five-star hotel", the Daily Planet says it aims to
raise A$9 million ($9.9 million) to pay debts and grow by offering 40.4 per cent of its property arm to the public.
The group said in July that it hoped to become the world's first listed brothel within two years.
"Since then we have received over 3000 telephone and e-mail inquiries from investors all over the world, including 9 million hits on our website and ... we resolved to expedite the listing process", said managing director Andrew Harris.
Prostitution is legal in parts of Australia. The Daily Planet's gaudy Horne St property in suburban Elsternwick has 18 rooms given names such as Venus and Xanadu.
Last month, the group lodged a prospectus with the Australian Securities and Investments Commission for the issue, which is not underwritten. The prospectus, a mix of financial data and erotic photography, is expected to generate strong interest.
The brothel has forecast a net profit of A$222,244 for its next financial year, about A$720,000 the year after and A$738,000 the next year.
The company aims to offer 17.8 million shares at an issue price of 50Ac each. If it lists at the offer price, it would have a market capitalisation of A$22 million. The share offer closes on February 28.
