Tech companies floating on dangerous waters

Local IT recruitment and consultancy company the HiTech Group saw its shares fall 17 per cent within 15 minutes of listing. After being issued at 70 cents, HiTech stock opened at 65 cents before a sharp fall to 58 cents. However, during early afternoon trade the stock had recovered to 64 cents with 170,000 shares changing hands.

Online etailer bigshop.com.au, which also floated today, fared worse than its more traditional counterpart. Bigshop, which raised $6 million through the issue of 24 million 25 cent shares, opened at 15 cents - a 40 per cent drop on its issue price. Bigshop's managing director, Annie Oliver, said it was disappointing that the company chose possibly the worse day in recent times to list on; however, she didn't expect it to have a lasting effect on the company.

Oliver did not believe that the local market correction, which has been repeated across the world as international markets open today, would set the company back in the longer term. In fact, she said the correction could offer Bigshop an advantage because it would restrict its competitors from listing and taking advantage of the opportunities afforded to public companies.

In early afternoon trade bigshop was still trading at 15 cents a share.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Greg Canfell

PC World
Show Comments

Cool Tech

Toys for Boys

Family Friendly

Stocking Stuffer

SmartLens - Clip on Phone Camera Lens Set of 3

Learn more >

Christmas Gift Guide

Click for more ›

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Aysha Strobbe

Microsoft Office 365/HP Spectre x360

Microsoft Office continues to make a student’s life that little bit easier by offering reliable, easy to use, time-saving functionality, while continuing to develop new features that further enhance what is already a formidable collection of applications

Michael Hargreaves

Microsoft Office 365/Dell XPS 15 2-in-1

I’d recommend a Dell XPS 15 2-in-1 and the new Windows 10 to anyone who needs to get serious work done (before you kick back on your couch with your favourite Netflix show.)

Maryellen Rose George

Brother PT-P750W

It’s useful for office tasks as well as pragmatic labelling of equipment and storage – just don’t get too excited and label everything in sight!

Cathy Giles

Brother MFC-L8900CDW

The Brother MFC-L8900CDW is an absolute stand out. I struggle to fault it.

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?