Openn Negotiation has revealed plans for a $9 million initial public offering (IPO) and a subsequent listing on the ASX.
The proptech provider — which offers support to real estate agents who are looking to sell residential property online — has lodged a prospectus with ASIC as it seeks to fundraise and become a listed company.
Openn Negotiation has revealed that under the IPO, Openn would offer 45 million shares at an issue price of $0.20 per share — raising up to $9 million.
According to a statement from the business, the offer is fully underwritten by the lead manager to the IPO, Euroz Hartleys, on a conditional basis.
The proptech platform provider has reported that funds raised through the offer “will facilitate Openn’s expansion to meet industry demand, specifically in Australia, New Zealand and North America”.
“Branching out into America and exploring international expansion aligns with the company’s long-term vision and growth strategy,” Openn Negotiation outlined.
Based off the prospectus, Openn Negotiation is scheduled to list on the ASX and commence trading on or around 9 June 2021.
The company will be guided through the IPO and listing process by managing director and co-founder Peter Gibbons.
Wayne Zekulich was recently appointed as Openn’s non-executive chairman, while the board consists of Darren Bromley (executive director and chief financial officer), Duncan Anderson (executive director and chief technology officer) and Danielle Lee (non-executive director).