A month after its IPO raised $4.3 million, a share price decline for accelerator Scalare Partners has trimmed $6.5m from its market cap

A month after making its ASX debut in a reverse takeover, startup investor, advisor and accelerator Scalare Partners has seen its share price slide 28%, wiping around $6.5 million from its market capitalisation.

As tech listings go, it’s been a less than auspicious start as a public company for Scalare (ASX: SCP), which bills itself as a tech accelerator that offers fractional services spanning commercialisation, capital raises, finance, marketing, product development, governance, operations, and people & culture. It offers startups expert support on a casual basis, to save them the cost of hiring people.

CEO Carolyn Breeze described the November 14 ASX listing as “a transformational step for the company and the broader tech sector” on the day, saying it was “the first tech accelerator to list in this country”.

Scalare’s backdoor listing, via former confectionary maker Candy Club, saw the business raise $4.301 million of an $8 million share offer $0.25 cents a share. It gave the business an implied market capitalisation of $23.1 million at listing. The shares ended their opening day at the float price (but did peak at $0.275c), but within a week, fell by 20%.

Now Scalare is worth $16.63 million, trading at $0.18 cents.

The listing itself had its moments when the corporate regulator, ASIC, paused the listing with an interim stop order on the prospectus, before allowing it to proceed a week later.

Scalare runs the Tech Ready Women academy, which it acquired earlier this year, as well as the annual Australian Technologies Competition.