Wagners makes strong gains after first full day on ASX
TOOWOOMBA company Wagners enjoyed a strong first full day on the Australian Stock Exchange, after its impressive listing last week.
Shares in Wagners Holding Company closed Monday's trading at $3.46, up almost two per cent on the previous price of $3.40 and making further gains after it listed on Friday.
The steady gains came after the business's float of 72 million shares on the ASX on Friday, where the price jumped by more than 20 per cent above the offer price after the 1.30pm AEDT listing.
More than 3.3 million shares were traded.
Directors Denis, John, Joe and Neill Wagner elected to hold onto 55 per cent of the stock, ensuring the company would remain in their control.
Chairman Denis Wagner told The Chronicle on Friday the strong gains were a sign of regional Australia's potential as a hub of economic activity.
"I think what it shows is you can create a whole lot of value in companies from regional Australia," he said prior to the float.
"You don't need to be from Sydney, Melbourne of Brisbane.
"You can grow a strong business from regional Australia."
Family patriarch Henry Wagner rang the bell in Sydney at the float, telling the crowd of friends, family and staff: "The last time I rang a bell, it was 75 years ago at Middle Ridge State School."
More than half of the $197 million of capital raised in the float went back into the company with the rest going to the family.