Trade Me shares extend gains on day two
UPDATED Wednesady: Shares in auction site Trade Me have extended their gains on day two of trading.
In early trade, the shares were priced at $2.90, a 20c premium to yesterday's listing price.
UPDATED 3.45pm: Newly listed Trade Me shares [NZX;TME] are trading up 6.3% at $2.87 late in the session.
Over 430 trades, with a combined value of $48.5 million, have taken place with the price ranging from the $2.70 listing price up to a high of $2.93.
UPDATE: 1.15pm: Trade Me shares, which listed at $2.70, had risen by 8.52% to $2.93 in early afternoon trading.
Shares in auction site Trade Me are up and trading, opening above their offer price on the NZX this afternoon.
At 12.20pm, the NZX showed 73 trades worth a total $2.9 million had been made. The prices traded were $2.74-2.76 a share, up from the $2.70 offer price. The IPO of one third of the online auction site raised a total of $363.5 million.
A total of 134.6 million shares were issued to new investors (including those issued to Trade Me staff under the executive share plan). Fairfax Media - which bought Trade Me in 2006 for $750 million from founder Sam Morgan - will hold the remaining 66% of the shares in the company.
Trade Me chairman David Kirk said the offer attracted strong support from a wide range of institutional and retail investors.
Company chief executive Jon Macdonald added it was now back to business as usual; "As we've said throughout the IPO process, being publicly listed will not change our focus on providing safe and trusted marketplaces for Kiwis to buy and sell."
Trading in Trade Me shares [NZX;TME] began at 12pm New Zealand time with a market capitalisation of approximately $1.07 billion based on the offer price of $2.70 a share.