GENERAL PROPERTY

Proptech Openn Negotiation to float on ASX

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AUSSIE property technology (PropTech) company Openn Negotiation is seeking to raise $9 million and list on the ASX.

Founded in Perth, the company offers a proprietary cloud-based software platform to support real estate agents in selling residential property online through a transparent process.

Non-executive chairman Wayne Zekulich said the Openn platform facilitates a real-time, online bidding process to achieve the market value for a property, through competitive price tension.

Openn has approximately 55,000 registered users across Australia, over 3,300 agents adopting the technology and approximately $2 billion of property sales so far.

“In addition to its transaction capability, our platform captures unique, real time data that has the potential to provide lead indicators for the property market. This data could add value to the property sector especially as the industry is experiencing an increase in buyer demand and competitiveness,” he added.

Openn is seeking to raise $9 million via the issue of 45,000,000 shares at an issue price of $0.20 per share. The offer is fully underwritten by the lead manager, Euroz Hartleys Limited, on a conditional basis.

Zekulich said a successful IPO and listing on the ASX will provide Openn with the funds to facilitate expansion in the Australian and New Zealand market, and also to assess the USA market.

“Branching into the USA aligns with Openn’s long-term vision and growth strategy,” he said.

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