AUSTRALIAN live exporter Wellard took the 'bulls by the horns' this morning, entering trading on the Australian Securities Exchange (ASX) for the first time.
Wellard CEO Mauro Balzarini rang the bell at the Perth ASX office to mark the start of trading.
Wellard began trading at $1.39 per share and by noon today shares were trading at $1.37, after falling to $1.31 almost an hour after being listed, but closed at its initial public offering.
Wellard lodged a prospectus last month in relation to its initial public offering (IPO) with the Australian Securities and Investments Commission, after competing a $298.9 million initial public offering.
Mr Balzarini had hoped the company would be listed on the ASX before Christmas.
"We have made history today," Mr Balzarini said.
"I have been told it's the fifth largest WA listing in history.
"In the time when everyone is talking about Chinese money is buying the farms or agribusiness' etcetera we have demonstrated that Australian money can come into agriculture, in a business like ours."
Mr Balzarini said he was excited that Wellard would now be able to step up to the "next level".
"This is about giving the business the next opportunity, so we are very positive," he said.
"We did what we did within our family means (previously), but now it we will be much broader, in terms of opportunities, networking and capital, so we are very excited about the future.
"We have always been the most transparent exporter in the industry and we will continue to do that.
"The family is very supportive, for us it's not about selling the business.
"There is some part of the business that will remain private, which will mainly be the farms.
"It is a happy time for us."
Mr Balzarini will now own about 36.6 per cent of the company and Wellard management will own 3.4pc stake.
More information in next week's Farm Weekly.
Jacinta Bolsenbroek
Senior journalist at Farm Weekly.
Senior journalist at Farm Weekly.
