- Openn Negotiation began ASX trading under ticker OPN
- IPO price was 20 cents per share
- Traded as high as 34 cents today, closing at 31 cents
Today, Openn Negotiation commenced trading on the Australian Stock Exchange under the ticker ‘OPN’.
The company launched in April 2017, and allows real estate agents across Australia and New Zealand to run transparent property transactions.
Buyers interested in a property can register and make bids in a live auction-like environment. Rather than the real estate agent running between various buyers with competing offers, the information is all transparent and visible on the online platform.
The seller sits down with the real estate agent, watching the bidding action in real-time, much like an online auction.
All bids are visible, and anyone interested in a property can apply to be verified as a legitimate buyer through the platform.
Milestones earlier this year
OPN reached a sales milestone earlier this year, surpassing $2 billion in property sales.
It was only nine months previously that the platform announced it had reached the $1 billion mark.
The company’s quarterly results “highlighted a booming bidding market”, and The Property Tribune reported median days on the market for listed property decreased by almost a third, with the average clearance rate nationally at 80.37%.
Openn Negotiation was also recognised at the inaugural Australian Digital Technology Awards, number six in the list of best tech companies in the property category.
The IPO
Prior to today’s launch, the company successfully completed a fully subscribed offer, raising $9 million through the issue of 45,000,000 shares priced at 20 cents each. The offer was fully underwritten by the lead manager to the IPO, Euroz Hartleys, on a conditional basis.
The 45 million shares will represent around 23% of the company, post IPO, meaning the equivalent market capitalisation (post-money) would be in the order of $38 million.
Today’s performance
As the bell rang in Perth at 10 am local time, OPN prices opened 11 cents up from the IPO price. Shortly afterwards, share prices dived briefly to 28.5 cents before recovering to around 30 cents.
Throughout its first trading day, OPN dipped once more below 30 cents, but otherwise traded above 30 cents, at one stage as high as 34 cents, a 70% premium on the IPO price of 20 cents.
Openn Negotiation closed the day at 31 cents, representing a 55% increase on the IPO price.
