Mr Fung is not selling any of his shares and will retain his 12.7 per cent stake in Airtasker, which is estimated to be valued at $32.4 million upon listing. Chairman James Spenceley’s 1.19 per cent stake in the company will be worth about $3 million.

Airtasker also offered shares to employees and to “Taskers” who perform tasks through the platform.

However, some investors are taking the opportunity to cash out with Kerry Stokes’ embattled Seven West Media set to exit Airtasker’s register as part of the float, selling $45 million worth of shares at 65¢ each.

Eleanor Swanson, analyst at Firestone Investors, one of Airtasker’s first institutional investors, said the startup’s performance on listing was likely to be heavily influenced by the Nasdaq overnight. “It was a reasonably full valuation, given where the business is today, but just given that long-term growth potential we do think it’ll do well on the day at least,” she said.

Oscar Oberg, lead portfolio manager at Wilson Asset Management, said the IPO was hotly contested by institutional investors and he thought it would do “quite well” when it lists.

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“We think the valuation is fair given it has a global offering and it has grown very quickly,” he said. “Who knows what it will do on day one, the market is so volatile at the moment.”

Other investors were more pessimistic with one fund manager who wanted to remain anonymous as his fund had invested in Airtasker noting that technology and ecommerce had “come off quite a bit” in a last few months.

“It will be a good outcome if it is flat on the day,” he said.

However, investors all agreed the delay of one day would not impact on Airtasker’s prospects.

Gary Rollo, portfolio manager at Montgomery Small Cap Fund said he didn’t generally invest in businesses just to have them trade well on day one.

“The reality of investment we’re making in this business as a cornerstone investor is going to be over the course of multi years,” he said. “There are some questions being asked of tech but the long term picture is what will eventually bring investors back to the tech sector.”