IPO Watch: Property tech company Openn Negotiation surges 55pc on debut
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Three companies IPOd today but the biggest winner was property tech company Openn Negotiation (ASX:OPN) who listed after raising a solid $9 million at 20c per share.
The company’s shares were trading at 31.5 cents per share – which is a massive 57.5% above issue price.
Funds from the IPO will accelerate the ongoing development and expansion of the company’s platform and technology which allows real-time negotiation, digital contacting and file management for property sales.
It will also fund a pilot plant expansion into the USA.
“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,” Openn managing director Peter Gibbons said.
“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.”
The breast cancer screening and diagnostic company also listed today, following an IPO which raised $10 million at 25c per share.
Shares dipped slightly, trading at 24.75c – down 1% from the company’s IPO price.
BCAL is developing a non-invasive laboratory blood test for the detection of breast cancer – which is the most common cancer among women globally, with more than 2 million new cases of breast cancer registered annually and approximately 627,000 resulting deaths.
“Our primary goal is to develop this blood test targeting the diagnosis of breast cancer and bring it to the market, at which time we will evaluate the technology and its application in other cancers,” executive chair Jayne Shaw said.
“Our test has shown promising results to date with the aim of improving the accuracy of breast cancer screening in a non-invasive manner.
“Funds from this IPO will pave the way for BCAL to conduct important clinical studies and deliver documentation for regulatory submissions in key jurisdictions.”
The company says the global market for diagnostic products was valued at just under US$5 billion in 2019 and is anticipated to expand at a compound annual growth rate of 7.3% – reaching US$8.7 billion by 2027.
Digital platform marketplace provider Gefen also listed following an oversubscribed $25 million IPO – which attracted a quality shareholder base including Australian small cap fund managers Regal Funds Management, Ellerston Capital and Perennial.
But it wasn’t enough to bump the share price, the company was trading down 18% today at 82 cents – down from its issue price of $1 per share.
Regardless, company co-founder and co-CEO Orni Daniel is confident that Gefen gives investors “access to a unique opportunity that has significant potential for growth across global agent-based industries.”
“With the funds raised in the IPO, we will be able to implement additional upgrades to our platform and invest in the marketing and growth initiatives that will help us continue to scale,” he said.