Comet Properties Limited, a privately-owned Ghanaian real estate developer, has started the process of going public by issuing part of its shares to raise about GH¢90 million (US$60 million).
The price of a share has been pegged at GH¢1. The successful listing of Comet Properties on the Ghana Stock Exchange would make it the first real estate developer to be listed on the stock market. The company currently trades on the GSE’s over-the-counter market.

The chairman of Worldwide Securities, the sponsoring broker for the public offer, Rexford Adomako-Bonsu, said the Accra-based company’s net assets are valued at US$300 million and it has built over 400 housing units.

The company, which started operations nine years ago, was placed 47th in the prestigious Ghana Club (GC) 100 ranking of top 100 companies in Ghana in 2009. Comet was the only real estate company in the 2009 GC100 ranking.

Comet Properties was established primarily as a land development company to convert virgin lands into modern residential estates parcelled into residential plots and other mixed uses for lease to people who want to build their own houses.

The company later added to its portfolio the construction of functional and affordable houses of various types for sale to the public.