Hiremii slumps on ASX debut

Shares in labour hire firm Hiremii dropped in value by close to 30 per cent today following an overall slump in tech stocks on the ASX.

The Perth-based firm was trading at 14 cents a share at 4pm AEST after listing with an indicative market capitalisation of $14 million.

It follows shares in Afterpay, Zip and Nearmap decreasing from between 7 and 9 per cent in value at close of market.

Hiremii, which counts Alison Gaines and David Buckingham as board members, was admitted to the ASX following the completion of a $6 million initial public offering in April.

The company offers fixed-fee recruitment and labour hire platforms and is seeking to further grow its eponymous, proprietary cloud-based platform.

Cadmon Advisory and Sandton Capital acted as lead managers to the raise.

Shares in the company opened at 16 cents before dropping to 15 cents at closing, ergo finishing the day with a market capitalisation of $10.5 million.

Hiremii’s listing follows Argenica Therapeutics’ IPO, which opened on May 1, to raise $7 million with the aim to list on ASX with an indicative market capitalisation of $14.6 million by June 10.

The company is developing and commercialising technology that could help protect the brain of stroke patients who have suffered acute central nervous system injuries.

Alto Capital is acting as lead manager Argenica’s raise.