Platform provider Netwealth is trading in fully paid ordinary shares of $3.70 on the Australian Securities Exchange (ASX) from today following a successful initial public offering (IPO) prospectus launch in October.
Netwealth shares would debut today on the ASX at 12:00pm AEST on a conditional and deferred settlement basis, ahead of normal settlement trading expected to commence on 28 November.
Money Management reported in October that approximately 71.3 million shares would be offered, with Netwealth listing with a market capitalisation of around $879.2 million. It was also reported the IPO comprised a retail offer consisting of a broker firm, platform priority general priority, an institutional offer, and employee offers.
Credit Suisse and UBS were the Joint Lead Managers and Bookrunners for the offering, while Herbert Smith Freehills acted as legal advisor.
Commenting on Netwealth’s admittance to the official list of the ASX, joint managing director, Matt Heine said the platform provider’s successes had been the “culmination of a lot of hard work.”
