Insurance broking network Steadfast Group opened at $1.35 this afternoon – up from the $1.15 share price it set yesterday.
Steadfast was co-founded by CEO and MD Robert Kelly in 1996. Ex-QBE boss Frank O’Halloran joined as chairman of the board last October.
The market has been talking about Steadfast’s IPO for months. The firm initially expected to raise about $334 million from the listing.
Today’s opening price gives Steadfast a market capitalisation of $676 million.
The Commonwealth Bank’s Keely Double writes that Steadfast plans to acquire a stake in up to 58 insurance brokers, as well as underwriting agencies and ancillary businesses. Steadfast’s main source of income will be dividends from those businesses.
Investment bankers expect to see far more Australian IPOs in the coming 6-9 months, after a quiet start to the 2013 calendar year.