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BuildingIQ makes flat start to trading

Building IQ, which provides software to manage energy use in buildings, has made a flat start to trading on the Australian share market.

BuildingIQ securities, which listed at $1.00 each, were steady at 1239 AEDT, with more than 2.07 million securities changing hands.

The shares opened at $1.01 and rose to $1.03 before falling back to $1.00.

BIQ, which has headquarters near San Francisco, raised $20 million in its initial public offer of 20 million Chess Depository Receipts.

That gave the company an initial market capitalisation of about $85 million.

Building IQ's software, which is based on technology developed by the CSIRO, predicts and manages heating, ventilating and air conditioning (HVAC) loads in large commercial buildings.

Using Building IQ's software has enabled owners and building managers across the globe to save energy and cut HVAC energy costs by as much as 25 per cent.

The software enables changes to be made to heating and cooling operations based on weather forecasts, energy prices, tenant comfort, building characteristics and demand.

"With global energy demand, rising electricity prices, and the growing requirement for efficiency and sustainability, building owners and managers are increasing their focus on controllable operating costs, such as energy," chief executive Michael Nark said in a statement on Thursday.

"As this landscape continues to advance, intelligent and dynamic platforms like ours are becoming an integral part of the facility management tool kit."

Building IQ's software is used in more than 140 buildings, including office blocks, hospitals, universities, hotels, government facilities, utilities and casinos in Australia and the United States.