Tech floats MYOB, Liquid Audio double on debut
- — 12 July, 1999 21:49
Its second day of trading and MYOB shares were still reaching heights of more than double their issue price, closing today at a high of $4.94.
Accounting software company MYOB debuted on the Australian Stock Exchange (ASX) on Friday, opening at $4.01, more than double the $2 issue price. MYOB shares reached a peak of $4.58 and closed at $4.40.
Today 1,701,086 shares changed hands, closing 54 cents higher than Friday's closing.
US firm Liquid Audio achieved similar feats when it listed on the Nasdaq stock exchange on Friday, shares doubling in price from the initial cost of $US15 per share, up 143.7 per cent to $US36.50.
The company, which produces software to publish and encode music that can be downloaded from the Internet, issued 4.2 million shares under its initial public offering (IPO).
The dramatic takeoff of the company follows the success of other recent Internet-related IPOs in general and with the increasing attention paid to companies that offer digitally delivered music, analysts said.