Servtech up on ASX debut

Property-focused software company Servtech Global Holdings has wrapped up its first day of trading on the ASX, after completing a $6 million initial public offering.

Perth-based Servtech raised the funds through the placement of 30 million shares at 20 cents per share.

At the close of trade today, its shares were worth 21 cents each.

The Brett Quinn-led company owns real estate agency Sell Lease Property and its Angel Software platform, which carries out all of a real estate agency’s back-office functions.

Mr Quinn told Business News last month that the funds raised from the IPO would be used to employ business development managers in all Australian states, and to pay off debt.

He said today that funds would also be used to further develop Servtech's enterprise technology products and outsourced services.

“We have been delighted by the strong support from investors, reflected by the high level of demand for participation in the raising," Mr Quinn said.

"We welcome our new shareholders to the register and look forward to growing the Servtech business with their continued support.

“Our scalable technology platform has already proven to be highly successful in the real estate sector, and we are confident that through our unique business model, we will successfully expand its use to other industries.”

Otsana Capital and 1861 Capital acted as joint lead managers to the IPO, with BDO as investigating accountant and Bellanhouse Legal as solicitors.

BIS Shrapnel acted as independent industry expert, with Williams + Hughes as intellectual property expert.