21/07/2021 - 12:00

Proptech company makes ASX debut

21/07/2021 - 12:00

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Claremont-based property technology company Openn Negotiation started trading on the Australian Stock Exchange today, with shares up more than 54 per cent.

Proptech company makes ASX debut
Openn Negotiation co-founder Peter Gibbons. Photo: David Henry

Claremont-based property technology company Openn Negotiation started trading on the Australian Stock Exchange today, with shares up more than 54 per cent.

Openn Negotiation was founded in 2016 by a group of Western Australian real estate agents, including former investment banker and Hawaiian Property executive Peter Gibbons, Mint Real Estate directors Peter Clements and Brad Glover.

The online platform facilitates real-time negotiation, digital contracting, and file management across the property sales process, designed to integrate elements of the traditional private treaty sale with the transparency of auctions.

Since listing its first property in 2017, Openn Negotiation has been involved with more than $2 billion worth of transactions, with more than 3,300 real estate agents certified to use the platform.

Earlier this year, the company completed its $9 million initial public offering fully subscribed, through the issue of 45 million shares at 20 cents per share.

Openn Negotiation plans to use the funds raised through the offer to facilitate its expansion across the Australian, New Zealand and North American markets.

Of those funds, it intends to spend $1.2 million undertaking a pilot program in the United States, with one of its backers including US group Second Century Ventures.

The company said exploring international markets and establishing a foothold in America aligned with Openn Negotiation’s long-term vision and growth strategy.

At the close of trade, Openn shares were trading at 31 cents per share, up 54.9 per cent. 

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