Perth-based labour hire firm, InterStaff Recruitment Ltd, has made a successful debut on the Australian Securities Exchange today, after launching a $5 million initial public offer in Novermber last year.
Shares in the company opened at $1.10 each, or 10 per cent up on their $1.00 issue price, and ended the day unchanged.
InterStaff is headed up by non-executive chairman Lyndon Rowe, who has been executive chairman of the WA Economic Regulation Authority since 2004 and is a director of Westralia Airports Corporation (Perth Airport).
InterStaff sought to raise $5 million (before expenses) via the issue of 5 million shares, to fund the acquisitions of recruitment agencies Australian Visa & Migration Services Pty Ltd (AVMS), TMR Group Pty Ltd and Migration Office Pty Ltd.
In its prospectus, InterStaff said it wanted to capitalise on the expected continued demand for skilled labour in Australia by forming an integrated migration agency and international labour recruitment company.
It has also negotiated an agreement with education services provider Navitas Ltd, which will allow InterStaff to expand its proposed business activities by providing each other with their international agents lists.
Mr Rowe is joined on the InterStaff board by TMR managing director Daniel Engles and AVMS managing director Allan Hodder as executive directors, as well as lawyer Farooq Khan and marketing executive Scott Jones as non-executive directors.
InterStaff also has an office in Queensland and intends to establish offices in other capital cities around Australia.
The debut follows that of fellow Perth-based recruitment and labour hire firm, Total Staffing Solutions Ltd, which had a relatively flat introduction to the Australian stock exchange on January 10, after raising $5 million through its initial public offer of 20 million shares at 25 cents each.
Shares in Total Staffing Solutions' closed 1 cent down to 24 cents on debut, and are currently trading at 21 cents.
The InterStaff IPO was underwritten by Bell Potter Securities Ltd, and assisted by auditor and investigating accountant, BDO Kendalls.
