16/11/2009 - 14:05

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16/11/2009 - 14:05

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Matrix Composites and Engineering made a strong debut on the local stock market today, with its shares closing at a 36 per cent premium to its issue price.

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Matrix Composites and Engineering made a strong debut on the local stock market today, with its shares closing at a 36 per cent premium to its issue price.

Shares in the Malaga-based company, which manufactures offshore buoyancy systems for the oil and gas industry, opened at $1.40 on the Australian Securities Exchange today, a 40 per cent premium to its $1 issue price.

Matrix had raised $15 million through an oversubscribed initial public offer.

At the end of its first day, shares in Matrix closed at $1.36, giving the company a market capitalisation of $87 million.

Proceeds raised under the IPO will go towards the development of a new production facility in Henderson.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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