The Bull doesn’t mind munching on a pricey bit of mollusc when he’s feeling prosperous.
So he was heartened to see Augusta producer Ocean Grown Abalone had a solid if unspectacular trading debut on the stock exchange yesterday after raising $10 million in an IPO.
The Brad Adams-run outfit opened at 29¢, its high for the day, dipped as low as 24¢ and closed at its float price of 25¢, giving it a market cap of $43.5 million.
The closing price valued fishing identity Ian Ricciardi’s 15 per cent stake at $6.6 million. Adams’ 1.9 per cent stake was worth $830,000.
The money raised from the float will be used to fund a two-year development and expansion program, which includes operating in Esperance and South Australia’s Port Lincoln.