Enprise shares jump as much as 88% in compliance listing

Shares of Enprise Group jumped 88% in its first trade.

Shares of Enprise Group [NZX: ENS], the software firm, jumped 88 percent in its first trade after it held a compliance listing on the New Zealand Alternative Index.

The stock initially gained 28 cents to 60 cents in a single trade of 1,000 shares, before dropping down to recently trade at 32 cents, its original listing price. That values the Auckland-based company at about $2 million. As a compliance listing, Enprise didn't issue any new shares after delisting on the National Stock Exchange in Australia in September and intends to migrate to NZX's small-to-medium size growth market NXT, once it launches.

Enprise is made up of three software-based businesses, Enprise Solutions, which is a reseller and servicer of MYOB EXO accounting software, Enprise Software, which develops software for SAP Business One accounting software, and Datagate Innovation, which develops cloud portal software for telecommunications and utility companies and it acquired earlier this year for $120,000.

In the year ended March 31, the company halved its annual loss to $231,000, after more than trebling its revenue to $6.6 million from $2.4 million a year earlier. Its cash and cash equivalents shrank to $665,000 at balance date from $708,000 a year earlier.