Black-empowered IT solutions provider Xantium Technology Holdings' debut on the JSE's AltX exchange attracted a lot of interest this morning, with 45 deals taking place before 11.12am.
The share opened at 60c, rising quickly to 70c before making its way back to the opening level.
"I feel fantastic about this," Xantium financial director Pieter Johnston said as trade opened. "I didn't expect it to do so well on the first day."
About 509 500 shares changed hands this morning, making Xantium the tenth-most traded share in terms of volumes by 11.12am.
AltX is the JSE's alternative exchange for small to medium and growing companies. Its manager, Noah Greenhill, says the process of listing on AltX is an arduous one.
"First you have to present the business to an advisory committee made up of people external to the JSE," he says. "You have to defend the business and take questions on what the business is about, where it is going, and who the directors are. With Xantium, this was one of the quickest deliberations so far."
He says Xantium presented a strong business case showing a solid business model and positive future prospects.
Prior to the listing, the company raised R14.5 million through private placements of shares, with the most recent raising R5 million this week at an offer price of 50c a share.
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