Platform provider Netwealth has officially been admitted to the ASX following its successful IPO, with shares trading since midday Monday.
Following an IPO that aimed to raise $264 million at a price of $3.70 per share, Netwealth (NWL) opened at midday Monday at $4.88.
The share price continued to climb throughout the remainder of the trading day to reach $5.32 – an increase of 43.8 per cent on its IPO price.
The closing price implies a market capitalisation of $1.26 billion.
Netwealth joint managing director Matt Heine, who rang the ASX bell with father Michael Heine in Sydney Monday, said the ASX listing marked a "significant milestone" for the company.
"Today's listing is the culmination of a lot of hard work by the team at Netwealth. I know they share my excitement about the future of the company, and together we welcome our new shareholders to the business," Matt Heine said.
"Netwealth is a unique and compelling investment proposition with a clear growth strategy, and we are delighted to have brought it to market."