RealTime IT News

Spike Announces Australian Stock Exchange Listing Date

Australian Web production firm Spike Networks has announced that trading on its shares will commence on July 23, a move which is expected to have a market capitalisation of over $126 million.

Spike has 87.2 million shares on issue at the offer price of $1.45 and will have over 3000 retail shareholders when it lists for trading on the Australian Stock Exchange this Friday.

The company's IPO listing in early July was heavily oversubscribed and although more than half of the offer was allocated to retail investors, the company had to scale back the general public applications to ensure as many investors as possible could participate.

In addition to the 22.5 million underwritten share issue, the company issued an additional 2.1 million shares to help meet the demand.