Australian Internet travel agency travel.com.au became the second Internet company to float on the Australian Stock Exchange (ASX), debuting today at $3.12 per share and closing at $2.94, still more than double the issue price.
The float, which was reportedly oversubscribed, offered 18.8 million shares to the public at $1.25 per share. Through the listing, travel.com.au raised $23.5 million, which according to a statement, will be used to further develop the company's online business in both Australia and overseas.
Making other news today, travel.com.au launched its first "e-tail" store in Sydney, a retail store with computers permenantly linked to the Internet for users to browse the company's Web site.
"The Internet is the future of travel. The "e-tail" store is all about helping our customers realise how easy and efficient it is to research and buy travel online," said David Tonkin, CEO of travel.com.au.