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!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection
Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Greg Canfell

PC World
Show Comments

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

David Coyle

Brother PocketJet PJ-773 A4 Portable Thermal Printer

I rate the printer as a 5 out of 5 stars as it has been able to fit seamlessly into my busy and mobile lifestyle.

Kurt Hegetschweiler

Brother PocketJet PJ-773 A4 Portable Thermal Printer

It’s perfect for mobile workers. Just take it out — it’s small enough to sit anywhere — turn it on, load a sheet of paper, and start printing.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?