Shares in the new company Coles, split from Wesfarmers, appeared on the ASX the first time today.
They closed at $12.75.
The supermarket group shares only appeared on a deferred settlement basis. They start trading Thursday next week.
Wesfarmer shares fell 27% to $31.96, as value was transferred to the new company.
The demerger of the Coles supermarket division creates a new top 30 company listedholding about 34% of Wesfarmers’ earnings, with about $39.2 billion in revenue and EBIT (earnings before interest and tax) of $1.6 billion.
Shareholders were issued new shares in Coles proportional to their existing stake in Wesfarmers.
Wesfarmers has kept a 15% stake.
Business Insider Emails & Alerts
Site highlights each day to your inbox.