The West Australian - - WEST BUSINESS -

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.

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