Shares in newly listed odd-jobs platform Airtasker (ASX: ART) are climbing on the company's ASX debut this morning, up by more than 40 per cent.
Trades for the company's shares are beating the company's IPO price of $0.65 per share, currently at $0.92, with more than 27 million shares moved since ART went live.
The launch was stellar for Airtasker, opening at $1.01 per share, and hitting a high of $1.16, before dipping back down.
The company, founded by CEO Tim Fung, landed on the ASX one day later than expected due to "human error and oversight" on the part of the exchange.
Nonetheless, the Sydney-based company's inauguration is off to a good start, and comes on the back of a five-times oversubscribed IPO which raised $83.7 million.
The IPO gave Airtasker a valuation at completion of $225.4 million, although the company is now worth close to $361.5 million.
In addition to participation from local fund managers and retail shareholders, the IPO was supported by staff and the group's 'Taskers' - those who take up odd jobs on the platform.
Airtasker said it received higher than expected demand from staff and Taskers, with more than $2.5 million subscribed from these stakeholders.
Significantly, 45 per cent of Airtasker staff participated in the IPO at an average investment of $22,400.
"We've been absolutely delighted by the response Airtasker received from institutional and retail investors in our IPO which was more than five times oversubscribed," Fung said.
"But an even more important signal is the demand we received from our Tasker community and our staff, who subscribed for shares more than 10 times our initial expectations!
"We have an incredible foundation to build from and we're excited to be taking our new shareholders on the exciting journey to fulfil Airtasker's mission: to empower people to realise the full value of their skills."Never miss a news update, subscribe here. Follow us on LinkedIn, Instagram and Twitter.
Business News Australia
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