Financial services firm Austock Group (Austock) has closed its $10.8 million initial public offer (IPO) ahead of its proposed deadline after strong investor demand for shares.
Austock closed its offer after only two weeks and the company is now expected to float on the Australian Securities Exchange (ASX) on December 11, six days ahead of schedule.
Austock Group managing director Tim Boyle said the shares were allocated to company staff and retail and institutional investors.
“It is very satisfying for all our staff to have such overwhelming demand for the small amount of shares that were issued to retail and institutional investors,” Boyle said.
“People are impressed by the growth, profitability and the PDF [Pooled Development Fund] status.
“More astute observers would also be aware of the steady stream of high calibre people leaving big name firms to join Austock. Our business gets better every year.”
Investors were offered six million shares in the company at $1.80, with one million of these shares allocated to Austock employees.
Austock Group’s IPO market capitalisation is $214.3 million.
The company will use new funds to develop the investment management businesses.
Earlier this month, Austock announced it would list on the ASX on December 17, following the release of its prospectus to ASIC.
