Comet Properties limited has withdrawn its application to list on the Ghana Stock Exchange (GSE) following its failure to raise a minimum of GH¢18 million through its initial public offer (IPO).

The privately-owned Ghanaian real estate developer offered 61,823,968 shares of no par value at GH¢1.00 per share to the investing public. The IPO could have been successful if the promoters had managed to raise 20% to 30% of the targeted capital.

This could affect the company's planned expansion projects but the company's managers are not giving up hope.

The company plans to explore other avenues and make another attempt at listing by mid-2012. Executive chairman of Comet Properties, Nana Odeneho Kyeremanteng explained that the company still wants to turn to the GSE because of the longevity of the market's funds.