Nine Makes ASX Debut, Shares Trade Flat

NinePhoto: Getty/Cameron Spencer

Nine Entertainment has just started trading on the ASX, starting trading at $2.02 but rising quickly to the list price of $2.05.

The float of the television, entertainment and ticketing company is the largest initial public offering in Australia this year.

The shares value the media company at $1.928 billion. The company said it could have opened at $2.10 but wanted demand to exceed supply.

The price is at the lower end of the range which is expected to help keep the shares firm on opening.

Nine Entertainment, which owns the the television network plus Ticketek and digital news network Mi9, has raised $636 million in the float.

CEO David Gygnell says: “A listing on the ASX will help us to continue our strong momentum and consolidate our position as a leading FTA (free to air) TV network in Australia, maintain our strong industry position and expand the Nine Events business, and continue to grow Mi9 and our other digital media assets.”

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