Internet service provider and telecommunications company DataPro made a strong debut on the JSE`s AltX exchange this morning, opening 14.5% higher than its listing price.
DataPro came to market at 55c per share with a market capitalisation of R125 million and a total of 228 979 630 shares in issue.
The share`s first trade took place at 63c as the market opened. By late morning, the share price was 61c after 123 000 shares changed hands in eight deals.
DataPro MD Doug Reed says the company is ready for new opportunities in the telecommunications arena.
"The cherry on top is the new legislation, which increases our market 30-fold," he says. He adds that although there is competition in this area, the company, with a strong staff and customer base, is poised to take advantage of opportunities.
Michelle Krastanov, director at designated adviser Arcay Corporate Services, says Arcay helped DataPro raise R48 million ahead of listing - the largest placement to date for AltX.
"The placing was very well received by both retail and institutional investors," she says. "DataPro is a quality listing with an excellent management team and exciting prospects."
AltX manager Noah Greenhill says DataPro is the kind of company AltX is aiming to attract, and helps send a message that AltX is looking for quality companies.
Empowerment companies hold 30% of DataPro, with the largest shareholder, Vantage Capital Group, holding 23%.
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