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%.