- Openn Negotiation (OPN), an Australian property technology firm, begins trading with a 55 per cent increase on its issue price
- The company listed on the ASX after raising $9 million through the issuing of 45 million shares at 20 cents per share
- Funds from the issuance will be used to support the company’s strategic strategy for the continuing development and expansion of the Openn platform
- Openn is a cloud-based software platform for property transactions that allows for real-time negotiation, digital contracts and file management
- Shares in Openn Negotiation rounded off the day at $0.31, up 54.99 per cent
Australian property technology company Openn Negotiation (OPN) has commenced trading today, with shares jumping 55 per cent from their issue price.
The company was listed on the ASX after raising $9 million through the issuing of 45 million shares at 20 cents per share under a fully underwritten prospectus filed in May.
Openn Negotiation shares opened trading at 30 cents each and jumped 52.49 per cent to end the day at 31 cents.
The funds received will be used to support the company’s strategic strategy for the continuing development and expansion of the Openn platform.
The Openn Negotiation platform and technology will be scaled up, as well as a trial expansion into the United States, as part of Openn’s growth plan.
Openn Negotiation managing director Peter Gibbons said the need for transparency within the real estate process has never been more important, especially given the strength of the current 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,” he said.
Openn is a cloud-based software platform for property transactions that allows for real-time negotiation, digital contracts, and file management.
The company recently reached $2 billion in property sales since launching in April 2017. The company reached $1 billion in sales seven months before reaching the new milestone.
In its full-year results for 2020, the company posted $851,402 in revenue with a $1.2 million loss before income tax.
This is up from its 2019 results, which saw revenue at $417,137 and operations running at a loss before tax of $1.48 million.
OPN said the technology, according to real estate brokers who use it, improves their relationships with buyers while also assuring the best possible outcome for their vendors.
Brokers to the IPO were Euroz Hartleys and lawyers Blackwall Legal.
Shares in Openn Negotiation rounded off the day at $0.31, up 54.99 per cent.