Skydive the Beach has reached for the sky with a spectacular share market debut.
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The tour company had offered 100 million shares at 25 cents each as part of its float on the Australian Securities Exchange.
But its initial public offering was oversubscribed, with its price touching 35 cents within 10 minutes of its share market debut at 1100 AEDT.
That means its market value surged from $25 million to $35 million within a very short time, marking a 40 per cent premium on its initial capital raising.
Chief executive Anthony Boucaut founded the company in 1999 offering tandem skydives on North Wollongong beach.
It now also offers skydives in Sydney, Byron Bay, the NSW Hunter Valley, Victoria’s Great Ocean Road, St Kilda in Melbourne, Airlie Beach in Queensland and Perth city.
Mr Boucaut said there had been strong interest from retail and institutional investors.
‘‘Business growth over the past 16 years has been way beyond initial expectations and it is because skydiving has become an adventure experience, with demand across a wide range of people, from young to old,’’ he said in a statement.
AAP