Matt Barrie’s Freelancer.com has closed its first day on the ASX at $1.60 – more than triple its offer price – after a spectacular debut at noon.
FLN shares traded between a low of $1.42 and a high of $2.60 today.
Its spectacular $2.50 opening price gave Freelancer a market capitalisation of more than $1 billion at noon.
Shares reached a low just after 1pm, before stabilising just below $1.80 for most of the afternoon.
Via Google Finance, here’s what happened:
Almost 8.44 million Freelancer shares changed hands today. There are a total of 436 million shares on issue, of which founder and CEO Matt Barrie holds 200 million.
Today’s closing price gives Freelancer.com a market capitalisation of $697.6 million – 38 times its 2013 revenue forecast of $18.3 million.