Fintech business OnMarket BookBuilds (OMB) has launched a mobile application with the aim of providing SMSF investors with more opportunities to take part in initial public offerings (IPO) and placements.
The new application, OnMarket, allows SMSF trustees to access all information available about the current IPOs and placements in the market via their smartphones.
SMSF trustees can now place their orders for shares in an IPO as well as view videos and third-party research reports about the company in question, and also gain access to the full prospectus via the new application.
“The application pulls all of the information you need to make an informed investment decision if you’re [running] a self-managed super fund,” OMB chief executive Ben Bucknell said.
“So there will be people looking for research, there will be people looking [to get a better] understanding who they’re investing with, and now they can do it directly from their phone.
“There’s $600 billion in self-managed super and we’re looking to basically open up that amount of money for companies that are looking to grow in Australia.”
Bucknell revealed the motivation behind developing the application came from a realisation about how little access most investors had to IPOs and placements.
“Last year only 16 per cent of IPOs were offered to the public,” he said.
“Over the last five years there was $66 billion worth of placements and $20 billion worth of IPOs that weren’t offered to eligible investors.
“Why shouldn’t each of you and your parents and your self-managed super funds be able to bid in on exactly the same terms as the big end of town?”
He said OMB was attempting to use technology to empower investors and democratise capital raisings.