IPO Watch: Hiremii lists on the ASX, drops 25 per cent

Hiremii (ASX:HMI) has become the latest recruitment tech stock to list on the ASX but its shares fell on debut.

The company has a proprietary AI technology – Hiremii Recruitment – that sorts through job applications and matches them with employer requirements thereby saving them time.

It charges a fixed service fee of $4,500 for white collar jobs, and $1,250 for blue collars which compares positively to most other recruiters. The company also has a full service labour hire business – Oncontractor – that provides digitised employee onboarding and labour hire services.

The company has grown revenues to $6.2 million in just under five years.

Hiremii raised $6 million at 20 cents per share but dropped on its debut by over 25 per cent.

Hiremii (ASX:HMI) share price chart

Company promises ‘aggressive’ growth strategy

CEO Christopher Brophy said the ASX listing was a big day for his company and good times were ahead.

“Our successful IPO will provide us with the capital we need to aggressively progress our growth strategy as we further refine our technology platform and expand our team,” he said.

“We look forward to continuing our growth via a range of planned initiatives.”

The company has promised to further develop its capabilities, establish a customer support services team and expand its labour hire and recruitment business.