Digislide's shares on downward slide after ASX debut
Market watch top headlines
Australian reports
- Aust markets: Aussie markets receive positive leads
- Aust dollar report: $A opens higher on firm US data
- Aust credit close: Bonds weaker after rebound
World reports
- World commodities: Oil prices climb higher
- World markets: Stocks rise on positive economic data
PERTH, Aug 24 AAP
August 24 2009, 12:38AM
Miniature projection technology provider Digislide Holdings Ltd has become the second South Australian company to list on the Australian stock exchange in a year of very few floats.
By 1217 AEST, Digislide shares had slid 45 cents, or 36 per cent, to 80 cents on volume of 20,000 shares traded.
Digislide said its IPO raised more than the minimum $3 million needed to take several miniature projectors to market.
The miniature projectors are used in mobile devices including smartphones, laptops and digital cameras.
Digislide chief executive Luceille Outhre said the company would develop alliances and partnerships, and would focus on generating revenue in the key markets of Australia, Asia, Europe and America.
The company had planned a stock exchange listing for the past decade.
Martin Place Securities managing director Barry Dawes said in a Digislide statement on Monday, "Raising funds within current market conditions is certainly not easy and investors are definitely reluctant to invest in an early expansion stage company".
But Ms Outhre said investors had "seen the potential of burgeoning international markets and potential for return on investment".
Patersons Securities Ltd director corporate finance Neil Doyle said last week there had been only eight initial public offers (IPO) this year, down from 68 last year and 252 in 2007.
Martin Place Securities underwrote Digislide's IPO.
