Inghams Group shares end higher on first day of trade

Shares in the poultry producer gained more than 2 per cent by the end of its first ASX session.

Inghams chief executive Mick McMahon with some of their products in the supermarket aisle at Woolworths. (Hollie Adams/The Australian)

Inghams Group shares have closed higher, after initially struggling for direction upon the group’s debut on the local bourse.

By the close of trade the poultry supplier (ING) had lifted 2.2 per cent to $3.22, amid widespread optimism on the benchmark S&P/ASX 200 index, which gained 1.35 per cent.

Earlier muted action had indicated traders felt comfortable that the pricing on the deal was around fair value.

The private equity-owned group raised close to $600 million from investors at $3.15 a share.

The offer delivered a market capitalisation just shy of $1.2bn, with a late repricing of the IPO taking it well away from earlier expectations for a $1.5bn valuation.

Owner TPG Capital reduced its stake in the company from 90.1 per cent to 47 per cent through the float.