Smartgroup, owner of salary packaging company Smartsalary and fleet leasing company Smartleasing, fell 7. 2 per cent in opening trade on the ASX after a $112. 7 million initial public offering.
Another peer company SG Fleet, listed earlier this year, has slipped 2 per cent from the issue price.
The company, owned by Malaysia’s Usaha Tegas before the float, sold 70. 5 million shares in the IPO, including 23. 5 million new shares and 47. 0 million existing shares.
Shares in Smartgroup dropped 11 cents from its issue price of $1. 60, giving the company a market capitalisation of $150. 7m.
Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.
Read more here: Business Spectator