Dealer group makes solid debut
Perth-based boutique wealth management organisation Plan B achieved a solid result from its first day’s operation as a listed Australian company.
The financial services operation’s shares closed the day priced at $1.40, a level at which it had hovered throughout the day.
Its equities, offered at $1.00 each in the firm’s initial public offer (IPO), at one point were trading at $1.42 and never fell below the $1.36 mark.
Speaking after the first day’s trading, Plan B managing director Denys Pearce said: “We’re very pleased with the outcome. It means the market has agreed that we’ve got a robust business model and they can see the potential going forward, so we’re looking now to executing the strategy.
“It was the first time the other directors and I had been through an IPO, so it was very much a matter of trying to understand what was happening. It was great to see the depth of the market and the very solid nature of the market. The fact that throughout the day and even towards the close there was still strong support for the stock is very pleasing,” he explained.
Pearce said while he held no expectation as to the price at which the shares would finish the day’s trading, he was optimistic the company’s strong results for the June quarter and the month of June itself in terms of funds under management and funds under administration would be received well by the market.
Plan B closed its IPO earlier in the week after receiving an oversubscription for its 30 million $1.00 shares on offer.
Interest for the IPO had been strong from both institutional and retail investors, which included employees of the wealth management organisation.
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