STGKiwi translator Straker hit $1.83 in its ASX debut on Monday...

STG

Kiwi translator Straker hit $1.83 in its ASX debut on Monday — a 21 per cent premium on its issue price — suggesting there is life in the tech sector.

After the well publicised downfalls of companies like GetSwift (ASX:GSW) and BigUn (ASX:BIG), investors have been a bit leery of tech companies.

Straker raised its IPO money at $1.51. It closed its first day at $1.71 — a 13 per cent increase.

Straker’s largest shareholder is former All Black and Fairfax boss David Kirk’s venture capitalist Bailador with 14 per cent.

But also on the register are some major players: Soul Pattinson with 2.78 per cent, 8IP Emerging Companies (ASX:8IP) with 1.39 per cent, and Telstra Super with 4.87 per cent.

Straker’s $21.2m IPO was two years in the making.

Its machine learning “RAY Translation Platform” software is up against the likes of Google’s free Translate service — but Straker believes its service is a high-end, more accurate alternative.

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