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Macquarie books in Airtasker non-deal roadshow

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Online jobs outsourcing company Airtasker has firmly landed in the initial public offering pipeline.

Airtasker chief executive Tim Fung would soon be in front of fund managers for a non-deal roadshow. Peter Braig

Fund manager sources told Street Talk the technology company had Macquarie Capital booking in non-deal roadshow meetings on Thursday morning, to get acquainted with the business.

Macquarie pitched Airtasker as the number one online marketplace for local services by gross marketplace volume with more than $24 million current run-rate revenue as of October 2020.

The company notched $150 million current run-rate gross monthly turnover, which had been growing at a compound annual growth rate of 28 per cent since 2018, the broker told cilents.

It had 910,000 paying customers and 140,000 "taskers" – the people who take on jobs on the platform – at October this year and the company became cashflow break even in May, according to the non-deal roadshow invitation.

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Funds were told Airtasker had a 93 per cent gross margin and 381,120 annual paying customer to October 2020.

At the NDR meetings, funds would hear from Airtasker chief executive Tim Fung and chief financial officer Nathan Chadwick. The company has raised $65 million in venture capital for a $250 million valuation, including through a funding round in January last year.

The company counts Seven West Media as an investor through its Seven West Ventures arm, which it has been trying to offload.

Interestingly, Macquarie launched the roadshow at the same time as Australian tradie booking website Hipages was set to debut on the ASX.

Hipages, which matches qualified tradies to jobs, secured $100.4 million for its IPO in a deal valuing it at $286.8 million on an enterprise value basis or 5.3-times forecast revenue for the 2021 financial year.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com
Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
Tim Boyd is a journalist, based in Sydney, who writes for the Street Talk column. Connect with Tim on Twitter. Email Tim at tim.boyd@afr.com

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