RealTime IT News

Travelshop Goes North on Australian Markets

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.

The rather small nature of the business did not stop it gaining Internet credibility by announcing deals to become the preferred travel provider for major publishing giants ninemsn and News Limited, along with free ISP service FreeOnline.

In addition to the franchisees, a number of European investors also benefited from today's jump in price, according to the company.