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ART - AIRTASKER LIMITED


nipper
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Launched in 2012, Airtasker Limited (ART) is Australia's leading marketplace for local services, connecting people and businesses who need work done (Customers) with people or businesses who want to work (Taskers). Airtasker delivers a simple ecommerce experience for Customers to buy local services and creates flexible working opportunities and income for Taskers. It is free to join, and users can then engage with the Airtasker marketplace as a Customer or Tasker, with many people using Airtasker for both. More than 4.3 million registered users have joined the Airtasker marketplace to date.

 

Service industries currently facilitated by the Airtasker marketplace include everyday tasks such as handyman jobs, domestic cleaning and business administration, through to more complex work including architectural design, tax consultancy and legal advice, and many service industries in between. In addition, a range of new service industries have emerged on Airtasker that may not otherwise exist without the Airtasker marketplace including, for example, flatpack furniture assembly, date night planning and spider removal services.

Airtasker charges its taskers a service fee calculated as a percentage of the task value agreed between the customer and the tasker. Those taskers who complete higher-value transactions are charged lower fees.

 

....x.....x.....x.....x.....x.......

 

Airtasker cofounder and CEO Tim Fung is immensely proud of the fact his job services platform, which started on the web in 2012, helped remove 2000 spiders last year at about $35 a pop.

 

There's no way that you could have posted a job for spider removal pre Airtasker, he says
He says there is no limit to the jobs that could exist on a marketplace platform such as Airtasker. Apart from spider removal, Fung says Airtasker's taskers have facilitated these new services: flat pack furniture assembly, drone retrieval, date night planning and Halloween costume making.

 

Airtasker lists on the stock exchange on Monday, raising $84M at $0.65 a share and which values the company at $255 million. Investors have backed the stock, which is priced at nine times its forecast 2021 revenue, a relatively cheap valuation compared to other tech platforms. Airtasker became cash flow positive in May last year.

 

Airtasker chairman James Spenceley says the initial public offering was priced in order to "leave something on the table". He says employees are true believers in the story, having subscribed for 10 times the amount of shares allocated to them.

 

Spenceley and Fung met in 2011 when it was a start-up in need of cash. Spenceley says Airtasker is the most exciting business he has been involved in notwithstanding his passion for Vocus, the telco he founded many years ago that is now being purchased by Macquarie Infrastructure and Real Assets.

 

Airtasker was founded by Fung and Jonathan Lui after Fung borrowed a friend's chicken nuggets delivery truck to move some furniture to a new apartment.

 

That little weekend of work just made us think, why is it that we ask friends and family to do all these kinds of jobs when there's so many people out there under employed or unemployed?" he says. We thought it was just crazy that you couldn't call on someone in your local area and be able to just work with that person in a trusted way. That was really the genesis of starting Airtasker.

We have seen the platform evolve from simple jobs like moving boxes or maybe doing a little bit of light gardening or something all the way up to now you're seeing architects, tax consultants and lawyers, Fung says. From the tasker side of the equation, which is really where our mission stands, it's really about creating jobs and income as the core purpose of what we do.

I would differentiate ourselves from something like UBER or Deliveroo, which are really focused on getting the job done as cheaply as possible. .. And so really, the manifestation of that is simply to promise the local services. But at the heart of what Airtasker is doing is creating jobs for people, and primarily that is in Australia right now, but we think that is a problem that's solvable on a global basis.
The company is expanding into the United Kingdom, Ireland, Singapore and New Zealand.

 

Airtasker charges its taskers a service fee calculated as a percentage of the task value agreed between the customer and the tasker. Those taskers who complete higher value transactions are charged lower fees.

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Airtasker is set to list as the market prepares for a subdued start to the week, with futures pointing to a 0.2 per cent decline for the S&P/ASX 200 index, following a 0.6 per cent loss for the index on Friday.

... that is minor

The Nasdaq has struggled in 2021, falling into a bear market at one point, as higher bond yields dampened the appeal of companies that are rewarded by investors for their longterm earnings streams. Instead, investors have bought up banks and energy companies in the belief they will benefit from a better economic growth outlook.

 

The change of heart in the sharemarkets on longterm growth companies has shown up in the IPO market as well, said an analyst

 

..The secondary market is experiencing a bit of rotation, so people are not paying as big multiples for some of those businesses. The market had been so strong for those growth companies and the valuation has been very supportive of those growth companies.

But now these companies might struggle a little bit. The fear of missing out in the tech sector no longer appears as intense. Last year, we saw quite a few IPOs where companies doubled on day 1. We're not going to see that this year...

Nuix's volatile post IPO performance has also affected investor confidence over the prospects for growth-company IPOs. Tech company Nuix started trading in early December ans soared on debut. However, the company came crashing down to earth in February with the release of a disappointing maiden result....
The swings for Nuix shares might shave off a few multiple points for some growth companies, that list in the future....

 

... setting the stage for a muted listing??

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Australian Securities Exchange chief executive officer Dominic Stevens has had to make an embarrassing apology over another failure by the market operator, which has briefly delayed Airtasker’s $255 million float. Blaming “human error and oversight†for the failure, Mr Stevens was “profusely apologetic about the situation†.

 

An ASX spokesperson said the market operator “regrets the disruption and has taken steps to address this as quickly as possible†and added that Airtasker did everything it needed to and had satisfied ASX listing rules.

 

The delay is because the ASX failed to notify “relevant market participantsâ€, including brokers and information vendors, of Airtasker’s listing in time for market launch that has now been postponed to Tuesday.

 

 

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at the time of the IPO ...

Airtasker chairman James Spenceley says the initial public offering was priced in order to leave something on the table.

 

... and that is quickly being taken off; ART up another 30% on Day Two , now close to $1.40

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  • 1 month later...

a trading update in late April, which included numbers that beat prospectus forecasts, has helped hold ART well above the $0.65 IPO price, though some of the earlier gloss has come off and SP has been dropping from the $1.40 level to close at $1.12 this week.

 

Highlights:

● Strong Q3 FY21 performance ahead of prospectus assumptions

● Airtasker confident to exceed prospectus forecasts and upgrades FY21 GMV and Revenue forecasts

● Including IPO costs Airtasker was $484k operating cash flow positive in Q3 FY21

● Excluding IPO costs the business generated $2.1m positive operating cash flow for the quarter

● GMV and Revenue for Q3 represent 57.9% and 59.7% of the 2H FY21 forecast

● Cumulative paying customers exceeds 1 million

 

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Newly listed jobs platform Airtasker will return to investors for a capital injection on Friday, seeking to raise $21 million via stockbroker Morgans for an acquisition in the United States.

 

The acquisition is believed to be San Francisco-based Zaarly, a jobs posting business that focuses on services around the home such as painting and cleaning.

 

Fund managers said the shares were on offer at $1.00 apiece.

 

It comes only three months after Airtasker listed at 65¢ a share. The stock last traded at $1.08.

 

 

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according to some closer to the action, ART ...

is seeking to raise $20.7 million via stockbroker Morgans for an acquisition in the United States.

The target is San Francisco based Zaarly, a jobs posting business that focuses on services around the home such as painting and cleaning, and has 597,000 registered users. It has 900 plus service providers and coverage across more than 40 service categories, according to an investor presentation.

Airtasker told fund managers it expects Zaarly's revenue to top $35 million in the 2022 financial year and gross merchant value to top $200 million

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