The market has responded positively to the launch of SLI Systems this morning, with the shares trading at 1.80c - an increase of 20 percent - this afternoon.
SLI Systems, a software-as-a-service company based in Christchurch, is today listing on the NZX main board.
The $27 million initial public offering (IPO) increases the number of shareholders in the company from three to 643.
The company has raised $15 million of new capital and $12 million will be paid to existing investors realising some of their previous investment.
“SLI Systems received strong support from brokers and institutional investor demand at the offer price of $1.50 a share," a statement announcing the IPO says. "Investor demand exceeded the $27 million offer by 147 percent (approximately 2.5 times the money sought) at the book build clearing price. Applications were scaled accordingly.”
SLI delivers website search and navigation solutions to more than 600 websites worldwide. In addition to its Christchurch office, the company has staff in San Jose, London and Melbourne.
Economic Development minister Steven Joyce and NZX head of markets Mandy Simpson are visiting the company’s headquarters in Christchurch this morning, to celebrate the IPO.