Travelshop Goes North on Australian Markets
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Nine years is a little old for an Internet start-up, but Travelshop.com.au has not let that stop it on the way to a successful secondaryshare offering on the Australian Stock Exchange.
The company's shares closed at 88 cents, just under the opening price of 90 cents, representing almost a 100 percent premium on the issue price.
Travelshop.com.au is the new name for the Travelshop Group, a franchise travel services provider started in 1991, which has seven agencies in shopping centres in Western Australia. Travelshop completed a reverse takeover of Paget Mining, a minerals exploration company, last year.
Products sold on the site include special travel offers, 100,000 discounted airfares, and an auction site.
In addition to the franchisees, a number of European investors also benefited from today's jump in price, according to the company.