The Airtasker Ltd (ASX: ART) share price has surged 54% higher in its first day of trading.
My colleague Raymond Jang has already had a look at the Airtasker business and how it has been delivering consistent growth of customers and revenue.
The idea of the Airtasker business is that it connects people who want help, with people who want to work. It has over 4.3 million registered users and have joined Airtasker’s marketplace.
One of the key selling points is that the flexible working sector is growing strongly, just looking at how well Uber (and others) are growing. Airtasker is apparently the most used local services marketplace in the Australian market.
How has the Airtasker IPO gone?
Aside from a listing hitch yesterday, Airtasker said that the IPO was a success.
It told investors that the IPO was more than five times oversubscribed by institutional and retail investors, which mean the company had a “strong” register of local fund managers in addition to approximately 3,800 retail shareholders.
Airtasker also offered shares to staff, with 45% taking part with an average investment of $22,400.
A number of taskers also invested a total $1 million by over 700 independent taskers.
Airtasker said that operational and financial performance since the beginning of the second half of FY21 has been “strong”, despite capital city lockdowns. The company said that all metrics are performing at or above expectations and the company is confident it will meet or exceed its prospectus forecast.
Leadership comments
Airtasker CEO Tim Fung said: “We’ve been absolutely delighted by the response Airtasker 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 staff, who subscribed for shares more than 10x our initial expectations!
“We have an incredible foundation to build from and we’re excited to be taking our new shareholders on the exciting journey to fulfill Airtasker’s mission: to empower people to realise the full value of their skills.”
Summary thoughts
Airtasker is a very interesting business and it taps into the direction that the world is going. It’s generating revenue, but it will be interesting to see how large it can become over time. Time will tell if it becomes one of the ASX growth shares worth a spot in investor portfolios.
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