The near two year process to separate the Domain property listings website business from Fairfax Media concluded yesterday with the shares in the group starting trading on the ASX.
In fact Domain’s debut on the ASX saw a filleting of the parent’s share price in the process.
Domain opened $3.80 and jumped as high as $3.98 in early trading before settling back around $3.69.
Fairfax has lost nearly a third of its share price to 73 cents as the market adjusts to the spin-off of 40% Domain. Fairfax retains a 60% stake. At $3.69 that stake is worth more than $1.27 billion, against a total value for Fairfax of just over $1.7 billion
The other 40% of Domain was distributed to existing Fairfax shareholders who received one Domain share for every 10 Fairfax shares.
The shares are trading on a deferred settlement basis for the next week.
