Australian property technology (‘PropTech’) company, Openn (‘Openn’ or ‘the Company’), has successfully listed and commenced trading on the ASX today under the ticker ‘OPN’.
The Company’s listing on the ASX comes after raising the maximum $9,000,000 through the issue of 45,000,000 shares at $0.20c per share under the fully underwritten prospectus lodged in May.
Openn shares opened trading at 30 cents each, and as at 12:00noon AWST shares were trading at 0.31 cents per share, 55% above issue price.
The Company will be focusing on a strategic plan for the continued development and expansion of the Openn platform, which will be supported through the funds raised. Openn’s growth strategy includes a scale-up of the Openn platform and technology, and a pilot expansion into the USA.
Openn’s Managing Director, Peter Gibbons, said: “It’s an exciting time for the Company as the need for transparency within the real estate process has never been more important than right now, given the strength of the current property market.
“Our technology solution keeps all stakeholders informed about the negotiation through their device in real time, allowing them to make confident decisions about buying or selling.”
Openn is a cloud-based software platform that facilitates real time negotiation, digital contracting and file management for property sales. Real estate agents using the platform cite the way it enhances their relationship with buyers while ensuring the best outcome for their vendor.
Brokers to the IPO were Euroz Hartleys and lawyers Blackwall Legal.