Booktopia Starts Trading on Australian Stock Exchange
Booktopia, the largest independent online bookseller in Australia, started selling shares on the Australian Securities Exchange (ASX) yesterday. The bookseller sold 10.9 million new shares
in the company and 7.9 million existing shares at AUS$2.30 per share, giving the company a market
capitalization at the offer price of AUS$315.8 million. On the first day of trading the company's stock jumped to AUS$2.86, a 24% premium.
With the IPO, the company raised AUS$41 million ($30 million) and will use AUS$25.1 million to expand the the company's distribution center, pay down debt and further investment in the company. Some AUS$18.1 million will be paid to existing shareholders.