Airtasker Limited (ASX: ART) will have its first day on the ASX tomorrow after its $255.4 million initial public offering (IPO) was delayed from this morning.
The platform, which allows users to outsource tasks and skills, was affected by an ASX processing delay.
Airtasker shares are set to begin trading at 11 am tomorrow, opening at 65 cents each.
Let's look closer at Airtasker's IPO.
Image source: Getty Images
Airtasker's ASX debut
In its company prospectus, Airtasker claims the IPO will provide the funds it needs to expand its platform and begin providing its unique service internationally.
The offer will include 23.1 million new shares and 105.6 million existing shares, totalling 128 million shares available to investors tomorrow morning.
The company describes itself as "Australia's leading marketplace for local services", with more than 4.3 million people using the service. It also boasts of having created $215 million worth of jobs.
The platform takes a 15% cut of earnings from outsourced odd jobs.
Airtasker's journey to the ASX has been a long one. The Australian company was created on entrepreneur Tim Fung's living room floor in 2012, reported SBS News in My Australia, a series exploring cultural heritage and identity.
Commentary from management
Fung, Airtasker's CEO and founder, expressed his excitement for the company's ASX listing in its prospectus.
Since launching in 2012, it's been truly inspiring to see the people of Airtasker – our customers, taskers and the Airtasker team – grow and work together to enable more than $1 billion in working opportunities and to create Australia's no. 1 marketplace for local services.
We believe the opportunity to empower the local services economy on a global scale is truly massive. Striving towards this opportunity, we will continue to explore, experiment and iterate to drive user acquisition, improve frequency of use and expand our addressable market by investing into organic and paid marketing, establishing new marketplace models and expanding our global reach.
Why Airtasker's ASX float was delayed
Airtasker announced today that its IPO had been delayed from this morning. It will now take place tomorrow.
According to a report in the Herald Sun, a human error within the ASX caused the delay. ASX listing general manager Max Cunningham was quoted as saying it was an "unfortunate circumstance".
"It's a one-off as far as I'm concerned, and we will ensure we will review the processes and do our best to ensure that it doesn't happen again," he said in the Herald Sun.
Airtasker share price snapshot
Airtasker's debut opening price will be 65 cents. Whether that price sticks will be seen from 11am tomorrow.
The company aims for a market capitalisation of around $255 million, with approximately 392 million shares outstanding.
