Stock in freshly listed Australian startup Reffind is going nuts

Reffind co-founders Jamie Pride (L) and Ben McGrath.

After listing on the ASX on Thursday, stock in Australian recruitment startup Reffind closed the day up more than 30%.

The run has continued in early trade on day two. A short time ago shares in the company were up almost 20% to 31 cents a share.

The company, which has an app that manages employee referral programs for medium-to-large corporations, raised $8 million in its IPO, issuing 40 million new shares at 20 cents a piece.

“We are looking forward to building on this strong start to life as a listed company,” Reffind co-founder and former CEO, Jamie Pride said.

“We’ve only scratched the surface in terms of potential customers with excellent feedback to date. With the funds received from the IPO we are already into ramping up business development efforts.”

The Employ app has been live since March and is currently being used by Coles, AMP, Coca-Cola and Pacific Brands. The startup is also working on another product, called Engage, which assists communication between management and employees.

Founded last year, the Sydney-based startup will use the latest capital injection to fund expansion into the US market.