Premium ASX debut for Matrix

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.