Market cheers QANTM listing

The intellectual property law firm has jumped as much as 13.5 per cent in its first day of trade.

Intellectual property law firm QANTM has received a warm welcome from investors on its first day of trade, rising as much 13.5 per cent in afternoon deals.

The group, which houses IP services firms Davies Collison Cave and FPA Patent Attorneys, raised $146.7 million through its IPO, which delivered a valuation of $295.1m.

At 2pm (AEST), QANTM traded at $2.49, a 12 per cent advance on its $2.22 listing price. It peaked at $2.52 a share.

“The IPO is an exciting milestone and will provide both DCC and FPA with increased financial flexibility to pursue selective and complementary acquisitions and to retain and attract high-quality people,” QANTM chief executive Leon Allen said.

The strong showing came as the group said its fiscal 2016 results exceeded the forecasts outlined in its recent prospectus due to forex gains.