Finance Finance News Freelancer shares soar

Freelancer shares soar

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Online employment outsourcing group Freelancer has enjoyed a stellar debut on the Australian share market.

The company’s shares listed on the market at 50 cents, and soared after trade began on Friday, more than tripling in value.

At 1330 AEDT Freelancer shares were at $1.48, up 98 cents.

The company’s chairman and chief executive Matt Barrie, who owns a 46 per cent stake in the company, has seen the value of his shareholding jump from $100 million to more than $300 million.

The company describes itself as the “world’s largest online marketplace for outsourcing, freelancing and crowdsourcing services”.

It says it connects more than 9.4 million employers and freelancers in 247 countries, regions and territories.

Freelancer’s prospectus showed its revenue grew by 64 per cent in 2012, and is expected to grow by 73 per cent to $18.3 million in 2013.

The funds raised from its public listing are to be used to eliminate debt fund its growth.