Freelancer makes record debut

Online jobs marketplace provider Freelancer.com has debuted 400% higher, in what is the best performing initial public offer of $10 million or more.

Online jobs marketplace provider Freelancer.com (FLN) is the best performing new float that raised $10 million or more when it debuted with a stunning 400% surge at noon today.

Shares in the company opened at $2.50 a share, $2 above its float price, before sliding to $1.85 after the first 20 minutes of trade. This puts the market cap of the company at around $806.6 million.

While Freelancer is only a small company, investors have been drawn to the growth prospects of its market-leading online technology, which provides a tool for companies and freelancers to connect with each other.

Freelancer's IPO for $15 million was heavily oversubscribed as investors scrambled over the 6.9% of the company on offer. Chief executive Matt Barrie is retaining 46% of the company, while venture capitalist Simon Clausen is keeping 38.5%, with the remainder handed over to Freelancer employees.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles