Tuesday, November 23 2010
QRN QR National listed today following a well advertised and at times controversial IPO process.
Â The key details are:
- Retail clients participated in the float at a price of $2.45
- Institutions participated in a book-build process which resulted in a price of $2.55.
- The Queensland Government retains around 34%.
Â The stock initially started trading at $2.54 however a significant level of buying emerged soon after the open. Â We understand the buying came predominantly from offshore institutional investors with several of these funds being large holders of other global railway businesses.
One of the most pleasing aspects of this strong opening day has been the large amount of stock that changed hands with the strong institutional buying more than accounting for sellers looking to lock in the first day profit. Â We expect this to limit the amount of stock frequently changing hands making it harder for domestic institutions and index funds to establish positions especially once QR joins the index.
After trading as high as $2.68 the stock has closed at $2.65 a gain of 8% from the retail issue price.
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