After raising over $100 million in IPO, Hipages Group lists on the ASX
A tech company that’s been in the market for more than 17 years is getting listed on the ASX. Hipages Group Holding Limited, an Aussie tradesperson matching site will be floating on the Australian Securities Exchange, effective 12th November 2020. The online services directory will be up on the ASX with $318.5 million market capitalization. The tech company raised about $100 million in its IPO at $2.45 a share.
About Hipages Group
Through Hipages, any Aussie can post a task that needs to be taken care of and tradies will bid on it to get the job. It delivers its service via a website and an application. Been in the market for about 2 decades, the intent of the website remains the same.
The idea to establish something like Hipages came to Roby Sharon-Zisper when he purchased a flat after he got married and the property required ample renovations. He was almost intimidated by thinking about what he had gotten him and his wife into. He didn’t know how to manage a project or if he could trust any of the tradies, he didn’t even know where to get the tradies or how to make payments to them.
He wasn’t happy with the complications of the entire process and interestingly, when he talked to the tradies, they weren’t happy as well. This was really complicated, he saw a business opportunity here and that’s how Hipages was formed.
Why did Hipages get listed?
Investors asked Roby Sharon-Zipser, Co-founder and Chief Executive Hipages, about why the company decided to go public now. To Hipages, 3rd-party factors like the market’s current hunger for technology, the company’s public perception and industry maturation was important. Sharon-Zipser says they’ve begun to get the correct level of brand awareness at this point of time, people are familiar now with the technology.
The world is now at a transition point of technology adoption for what, at a time, was a relatively unsophisticated category, and they’ve seen an acceleration of that because of the pandemic, he adds.
For more updates and latest tech news, keep reading iTMunch
Image by rawpixel.com