Net stocks floating on a high
- — 06 December, 1999 21:49
More floats are lining up to list on the ASX before Christmas than stretch the length of Oxford Street in Sydney's Mardi Gras.
Not surprisingly, a large proportion of the listings are IT stocks set to ride on a bullish local market that has seen online ventures sanity.com.au and realestate.com.au more than double their issue prices this week.
Realestate.com.au, which debuted on Wednesday at one dollar, rose to $1.53 before closing at $1.22, after an initial share issue of 50 cents.
Online music retailer sanity.com.au, which also issued shares at one dollar, debuted at two dollars before closing at just under $1.90 last night.
On Friday, Melbourne-based IT and e-commerce group, IT&e, will list one week earlier than expected after its offer of 25 million 60 cent shares closed two weeks ahead of schedule.
Similar interest was shown in Sydney-based software company Open Telecommunications (OT) which also floated on the ASX on Friday.
OT opened and closed its offering of 20 million one-dollar shares on November 24 after being heavily oversubscribed.
Approximately 75 percent of the shares issued through the IPO were allocated to strategic and institutional investors.
Audio technology company Lake Technology also listed Friday after its IPO of 13 million 50-cent shares also closed early and oversubscribed.
At least another 20 IT companies, including Health Communications, ChaosMusic, Ezenet and Melbourne IT plan to list on the ASX before Christmas.