Perth-based proptech Openns an IPO

Openn IPO
Openn is raising $9M on an initial public offering (IPO).

Perth-based prop tech company Openn Negotiation has lodged a prospectus with ASIC seeking to raise a maximum of $9 million via an initial public offering (IPO), listing on the ASX next month.

According to the ASX, the offer ends on 24 May, and will value the company at more than $34 million. 23% of the company is up for sale.

Managing Director Pete Gibbons founded the company with two real estate agents Peter Clements and Brad Glover (both directors of Mint Property in Claremont) in 2016. The service allows real estate agents to sell residential property online through a transparent (open) negotiation process.

Last month, the company passed $2 billion in sales across their platform. In the most recent quarter, there were more than 15 bids per property, up from less than 7 a year ago.

Opening the negotiation

Over the past five years, Openn has been building up its business with real estate agents across Australia and New Zealand.

Anyone interested in a particular property can apply to be verified as a legitimate buyer through the platform. Verified buyers can then make bids in a live auction-like environment. Rather than the real estate agent scurrying between various buyers with competing offers, the information is all made visible on the platform in real-time.

The seller sits down with the real estate agent, watching the bidding action, much like an online auction.

Openn screenshots
Screenshots of the platform in action. Image – Openn prospectus, May 2021.

Monies raised from the IPO will be used to expand in the Australia, New Zealand and break into the US market. The projected date for listing on the ASX is 9 June 2021.

Others involved in the company include: investment banker Wayne Zekulich, recently appointed as non-executive chairman; the board is rounded out by Darren Bromley (executive director and CFO), Duncan Anderson (executive director and CTO) and Danielle Lee (non-executive director).