Share price closes 25 cents higher than it opened
The Triabunna-based company which produces a product helping in the fight against climate change had an impressive debut on the ASX on Wednesday.
The performance of Tasmanian company SeaForest Limited on the ASX on Wednesday has been an exciting milestone, managing director Sam Elsom said.
SeaForest Limited, based at Triabunna, uses a red seaweed, Asparagopsis, to produce a product which cuts methane emissions from livestock, chiefly cattle.
Mr Elsom said the company had rung the bell at the ASX at 11.30am when SeaForest was worth $112 million and the shares were worth $2 each.
The share price reached a high of nearly $2.60 during the day and by the close each of the 56,059,770 shares was worth $2.25.
“The share settled at about 25 cents above the listing price and the ASX said it was the best performing new listing on the exchange in the last 18 months,” Mr Elsom said.
“Listing on the ASX gives us a platform to upscale production and expand internationally and support farmers across Australia to reduce methane emissions.”
He said the company was supported by a mixture of institutional investors and a retail network.
ASX data today suggests the company has a market capitalisation of $126.13 million —$14 million more than at the time of debut.
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