Brothel listing stimulates investors
The Daily Planet – the world's first listed brothel – listed successfully on the Australian Stock Exchange on May 1. It commenced trading at 70 cents and closed at $1.09.
The IPO raised $3.75 million, well below the company's original 2002 target of $8 million so plans to buy a Sydney brothel have been put back. The company expects a profit of $220,000 by June 30 and a $720,000 profit next financial year.
Managing director Andrew Harris said the company would derive revenue as the owner and operator of its Elsternwick property rather than by selling sex. The prospectus promised an annualised annual return of 10.44 per cent to 2005.