Login
iscover
Last week, RateMyAgent made its debut on the Australian Securities Exchange but fell short of its initial listing.
RateMyAgent had valued the business at $92 million, with shares going for 25 cents each to raise $12 million.
However, at close of trade on the first day, the business was worth just $75.4 million, but share prices have improved marginally from 20 cents a share to a high of 21.5 cents.
Mark Armstrong, CEO of RateMyAgent, said that the initial opening had adjusted a little bit and the company had a very positive outlook.
“The IPO was to allow us to focus on our global expansion and this launch debut has allowed us to do that,” the CEO said.
Mr Armstrong said that the company was focused on long-term growth and expansion rather than the short term.
“We have a long-term outlook, so from that perspective we are feeling very positive. Share markets can be volatile and change often, so we are happy with how we are tracking,” the CEO said.
The move is a milestone for the company, which allows consumers to rate agents and agencies that sell and buy property.
The site is aimed towards agents who can use the free version or pay to be featured on the site.
Since its launch in 2014, the site now has over 27,000 active agent users, with that number equating to roughly 77 per cent of agents in Australia.
The company advertises that it receives a review for one in three properties sold in Australia, which is roughly 800 reviews a day.
The ASX listing is to allow the company to increase its foothold in the US and New Zealand markets and look ahead to new markets.
Mr Armstrong said that the company is already fulfilling that goal, with its growth in the US and New Zealand markets mimicking their expansion in Australia.
“We are growing at a similar rate and are very happy with that. Over the next six months, we plan to expand into a few more markets as well,” Mr Armstrong said.
Last year, the company made a full-year loss of $2.9 million, but in its IPO prospectus said that it expected to make a profit in the first half of 2018.
The company has already reported some gains; sales in the first half of 2018 are significantly above where they were in the same period of 2017, rising from $873,000 to $2.8 million.
Newsletter
