MACA shares soar after ASX debut

Mining services group MACA has had an excellent first day's trading on the Australian Securities Exchange closing 45 cents above its issue price of $1.

Its admission to the ASX was a big moment for its founders, who will collectively hold $90 million worth of stock at the subscription price of $1 per share, having sold down a further $25 million as part of the listing process.

Trading of the company's shares opened at $1.40, and 10.6 million shares changes hands before the stock closed at $1.45.

Former chairman Geoff Baker told WA Business News last month the move to list the company through WA broker Hartleys had resonated with its loyal customer base, which was growing and needed to ensure the capacity of their key suppliers as a governance requirement.

MACA managing director Chris Tuckwell said more than half of the $60 million raising would be used to fund future growth.