RMA Global — which operates the Rate My Agent real estate agent comparison site — made a lukewarm ASX debut today.

RMA (ASX:RMY) raised $12 million selling 48 million shares at 25c each.

The stock opened its first day of trade at 24c and fell as low as 19c before closing at 20.5c — an 18 per cent drop on its issue price.

About $1.5 million worth of shares changed hands.

Rate My Agent allows punters to rate the agent and agency that helps them to buy and sell property. But the product is targeted at agents themselves, who can sign up to a free version or pay fees for greater prominence on the site.

It reported $3 million in customer receipts for the December half but burned about $4 million cash.

In February, it controversially named as ‘agent of the year’ a man who’d allegedly recently received a record fine for underquoting.

Rate My Agent warned in its prospectus that the continuing property downturn could result in lower agent advertising on the site — which could hit its bottom line.

At the time the prospectus was launched Rate My Agent said 27,000 agents had signed up to the service. It says it covers 77 per cent of active agents in Australia and 30 per cent of those pay monthly subscriptions.

The company says it’s listing to increase its footholds in the US and New Zealand, and start looking at other markets.