Financial Services Group, Austock Group Limited (ACK) made a promising debut on Tuesday, after the company traded at a 17.7% premium to its offer price of $1.80.
The offer of 6,000,000 shares raised $10.8 million.
Only 5% of the quoted shares on issue have been offered. Total shares on issue after listing is close to 120 million, forming a listed entity with a market capitalisation of about $214.3 million.
"Since the group was formed in 1991 it has been innovative in financial services in Australia and we have strived for high quality in everything we do," executive chairman Bill Bessemer said in the prospectus.
It is an independently owned, diversified financial services group founded in 1991.
Austock employs over 200 staff with offices in Melbourne, Sydney, Brisbane and Chicago along with affiliations in UK and Europe.
Share price traded in a range between $2.050 – $2.150 before closing at
About 600,000 shares has changed hands during intraday trading.
Austock is showing a strong start compared to the ordinary debut of BT Investment Management (BTT) on Monday. BTT fell by 1 cent to its offer price of $4.80.
