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."
Wealth management relationships are under threat as clients look to switch providers driven by the impact of the royal commission. ...
S&P Dow Jones has announced a new addition to its global ESG index using enhanced ESG scores and granular data. ...
Investor confidence is on the rebound and the ASX hit a 12-year high on Monday. But it’s not all good news for the Australian economy. ...
Get notifications in real-time for staying up to date with content that matters to you.
