Australia's publicly listed tech sector has gotten a little bigger, as shares in cloud communications company Whispir have begun trading on the ASX.
At 1445 AEST Whispir shares were valued at $1.60, the same price at which they were offered in an oversubscribed $47 million initial public offering underwritten by Ord Minnett.
Whispir shares, trading under the symbol WSP, opened at $1.73 earlier Wednesday.
Founded in 2001, the Melbourne-based company operates a communications software-as-a-service platform for 500 clients including Walt Disney Corp, Virgin Australia, AIA Group and Foxtel.
The platform offers automated workflows and can integrate with multiple communications channels such as email, SMS and WhatsApp messages.
Whispir says companies have used its platform and its automated drop-down menus for everything from onboarding new employees to coordinating multi-agency emergency responses for communities at risk from huge brushfires.
"Many organisations seek to solve complex technical, operations and people-centric communication challenges to effectively engage with stakeholders across many touchpoints," Whispir chief executive and founder Jeromy Wells said.
"We understand these challenge and have a clear vision for what is possible with our technology in a large and expanding global market.
"We are excited to be offering Australian investors the opportunity to invest in a local tech company with a global footprint and an aspirational attitude."
The company is expecting to make $30.5 million in revenue this financial year and realise a net loss after tax of $14.1 million.
It forecasts breaking even by June 2020 and says 93 per cent of its revenue is of a recurring nature.
Channel partners including Telstra and IBM sell its service to clients.
At the end of last year it had 127 employees across eight cities across Australia, New Zealand, Singapore, Jakarta and the United States, in Seattle and New York City.
At $1.60 per share, it has a market capitalisation of $163 million.
