Credit Reporting Company Veda Has Closed Its First Day On The ASX As A Billion-Dollar Company

Veda has ended its first day on the ASX as a $1.05 billion company, with stocks up 40% from the listing price of $1.25.

Veda raised $341.1 million when it floated at noon today. Owner Pacific Equity Partners did not sell any of its shares and now holds a 63.5% stake in the firm.

The IPO was managed by Citigroup and UBS. The Australian reports that it was six times oversubscribed.

Veda was reportedly valued at $974 million when it spun out of Baycorp Advantage in 2007.

Via Google Finance, here’s what happened:

Veda was one of the few winners on the ASX today. The stock market closed down 1.44%.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at