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.