freelancer - tech kaboom!

Looks like Tech is the place to be. Applabs will only have 25 million on issue (19 tradeable) and $3M in the kitty. Can't wait for this to come on.

Shares in outsourcing website Freelancer.com soar by more than 400 per cent on market debut
By business reporter Pat McGrath
Updated 5 minutes ago
Shares in the outsourcing website Freelancer.com have surged by as much as 400 per cent during the company's first hours of trade on the share market.
After listing at 50 cents this morning, the its shares have soared to as high as $2.60.
At 2:50pm (AEDT), they were trading 252 per cent higher at $1.76, giving the company a market value of about $771 million.
Freelancer founder Marr Barrien says he opted to raise capital through an initial public offering in order to maintain control over the how the business is operated.
"This space is in its infancy," he said.
"We have 9 million users globally. There's a long way to go. We thought this is probably the best path, and we maintained being masters of our own destiny."
Freelancer raised has $15 million through the offering of 30 million shares.
Mr Barrie and other initial investors in the company will retain 88.6 per cent of the 43 million shares on issue.
The company hopes to make a profit of $471,000 this financial year, after recording earnings of $477,000 last financial year.
Freelancer generates revenue by charging companies to advertise projects they want to outsource, often to low-wage freelance workers overseas.
Mr Barrie says there is no sign that the type of work being commissioned, which includes web development, graphic design and copywriting, ultimately pushes down the value of domestic labour.
"The types of work we're talking about is small project work," he said.
"So things like designing a logo for a web site and so forth. There's no evidence that we've had any impact on anything like that. This is all about empowering small businesses to get things done."
The listing comes a week after the share price of the social media giant Twitter jumped by more than 70 per cent during its first day of trade on the New York Stock exchange.