IOOF starts listed life on a high
IOOFbegan trading on the Australian Stock Exchange at midday today at $3.80 - a 65 cent premium over the facility price of $3.15 per share.
The company yesterday released an indicative list of its top 20 shareholders, withBendigo Bankemerging as the largest investor with 9.83 per cent of issued capital, followed by Citicorp Nominees with 4.57 per cent and IOOF Holdings Trustee holding 3.11 per cent.
The company also announced on Wednesday that the share offer had closed fully-subscribed with the total amount raised in to be more than $41.8 million at a share of $3.15.
After opening at $3.80 the IOOF shares settled back to trade at around $3.75 at 12:30pm.
A spokesman for the company says the opening price is pleasing and augurs well for IOOF as it moves forward as a publicly-listed company.
“We are obviously quite pleased in circumstances where some of the initial projections suggested the stock would trade in a range between $2.75 and $3.25,” he says.
The shares opened on a deferred settlement basis which will continue until the dispatch of holding statements to shareholders which is expected to be completed 12 December after which time trading on a normal settlement basis is expected to commence from 15 December.
AUTHOR
Mike Taylor
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
