Local software developer Technology One made a stunning debut on the ASX today, opening at $3 -- a 300 per cent increase on its $1 issue price.
More than 10 per cent of the 30 million shares sold were traded in the first 20 minutes of the listing, with the price reaching $3.30.
Technology One managing director Adrian Di Marco said he was "extremely happy" with the listing, however, he said he was not completely surprised by the result.
Brisbane-based Technology One develops financial applications, including Finance One. Its customers include Bond University, the Seven Network, Queensland Treasury Corporation and Ray White Real Estate.
Di Marco said the popularity of the initial public offering, which closed oversubscribed, and the strong track record and growth prospects of the company boosted his confidence in the success of the float.
"This is a very important step in the future of the company. This is the platform we will use to build further growth and to build on the success that we have already achieved," Di Marco said.
Chris Smith, associate director with float underwriter Ord Minnett, said the listing augured well for the future of Technology One.
"It is a great company with an excellent management team with great prospects for the future. Many people have compared the company to MYOB which has increased its share value six-fold since becoming a public company," Smith said.
Technology One plans to set up an office in Malaysia early next year from which it will expand into Asia.
Di Marco also said the company would increase its research and development budget, and look for opportunities to acquire small Internet-related companies, and larger, mature, corporations with a strong existing customer base.
At 2pm today the Technology One share price was trading at just over $2.60.