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Netwealth share price up 44% on ASX debut

Netwealth share price up 44% on ASX debut

Tim Stewart
— 1 minute read

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."

 

Netwealth share price up 44% on ASX debut
Netwealth, ASX, IPO, Matt Heine
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