The first few days of trading saw strong trading in the shares with nearly 6 million shares trading hands (3% of the total equity). The company raised AUD 27 million at $0.75 and quickly traded up to $0.95 before settling back into strong trading around the $0.85 mark.
At $0.85, the company has a AUD 175m market cap.
Simon Baker, the Chairman of the Mitula Group, said "we are extremely pleased with the first few days of trading. There was strong support for the business at the IPO phase with the IPO being 3x over subscribed. Following listing, the has also been continued strong support with a number of institution acquiring shares at the 85 cent mark."
The Mitula Group operates vertical search sites in cars, jobs and homes under the Mitula and Nestoria (real estate only) brands. These sites were visited 51 million times in April and generated more than 60 million clicks outs.
The company is profitable and for the 12 months to June 2016 is expecting to deliver AUD 26 million in revenues and more than AUD 13 million in EBITDA profit.
Simon Baker is the founder of Property Portal Watch and owns shares in a number of listed and unlisted internet companies.