HarvestRoad Makes a Steady Debut

Perth-based Internet software developer HarvestRoad witnessed a steady debut on the Australian Stock Exchange yesterday.

The company’s shares began trading at AUD$0.63, fell to a low of AUD$0.57 before closing at AUD$0.60.

The IPO raised AUD$7 million for the company and a further AUD$1 million in over subscriptions. The IPO was heavily over-subscribed as the West Australian Web tools developer closed off the IPO six days early due to heavy demand.

HarvestRoad won the Best Intranet Product at Internet World 99 in Sydney and has developed server-based applications that are used in Australia and New Zealand.

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