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 and joint managing director 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.”
This was something I was interested in investing in. However, I’m disappointed that with all the marketing materials that Netwealth sends out to advisers everyday that they could not send an email informing advisers of the listing date for themselves and clients. You’d think this would of helped reduced the commissions paid to the listing brokers.