Ashley Services Group is the latest float from a family-run business to post a rock solid debut this year.
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The Shrimpton family's training, recruitment and labour hire firm got off to a strong start as a publicly listed company. The stock rose 14.5 per cent on Thursday's debut to $1.90.
Co-lead brokers on the deal were Canaccord Genuity and Evans and Partners. Shares in the IPO were priced at $1.66.
The float facilitated a $180 million gain for the Shrimpton family. Ross Shrimpton bought the business in 1999.
As at Thursday's close, Ashley Services Group had a market capitalisation of $285 million.
Fund managers that participated in the float included Australian Foundation Investment Company Ltd, Mirrabooka Investments, AMCIL Ltd, and Netwealth Investments Ltd. Investment banks that bought parcels of the shares on behalf of their clients included UBS, JPMorgan, Citicorp and Merrill Lynch. AMP Life also took a stake.
