Local services platform Airtasker has successfully listed on the ASX on Tuesday morning following the successful completion of its initial public offering.
Airtasker operates in the online labour marketplace industry for local services. Its platform allows customers to easily search for relevant independent workers and provides independent workers with access to a wide base of potential customers. Its main focus is the local services segment of the labour services market, including everyday tasks such as handyman jobs, domestic cleaning, and business administration.
According to its prospectus, the total addressable market for local services in Australia was estimated to be $52 billion in 2019.
The IPO was more than five times oversubscribed by institutional and retail investors, enabling the company to build a solid register of local fund managers in addition to approximately 3,800 retail shareholders.
Airtasker offered staff shares under the IPO and was delighted by the uptake. Whilst existing staff already hold significant equity through the company's employee share ownership plan, current and former Airtasker staff subscribed for over $1.6m in additional shares, with 45% of Airtasker staff participating in the IPO at an average investment of $22,000.
The company was equally pleased with the takeup from the highly select group of "Taskers" offered the opportunity to participate in the IPO, with ~$1m being subscribed by more than 700 independent Taskers, further aligning the company with their stakeholders.
Operational and financial performance since the beginning of the second half of FY21 has been strong, despite capital city lockdowns. The company has reported all metrics are performing at or above expectations.
Commenting on the IPO, Airtasker CEO Tim Fung said: "We've been absolutely delighted by the response Ail-tinker received from institutional and retail investors in our IPO which was more than 5X oversubscribed. But an even more important signal is the demand we received from our Tasker community and our staff, who subscribed for shares more than 10X our initial expectations!"