AFG makes steady ASX debut
UPDATE 2.30pm: Australian Finance Group has made a quiet sharemarket debut, with its shares closed half a cent above their $1.20 issue price.
The stock closed at $1.205 after trading in a range between $1.17 and $1.22 on its ASX debut.
The WA-based mortgage broker had raised $121.8 million from its initial public offer, most of it via a sell-down by its founding directors and other existing shareholders.
AFG is capitalised at about $260 million.
Managing director Brett McKeon and fellow founding director Malcolm Watkins are the biggest shareholders retaining 9.8 per cent each of the company and Macquarie Group 5.2 per cent.
Mr McKeon said the IPO had been well received and he welcomed new shareholders to the company.
“I would like to thank shareholders for their investment in the future of AFG and for the trust they have put in AFG management and staff,” he said.
“We have been very happy with the calibre and quality of shareholders we have attracted during the IPO process and we are particularly pleased to welcome many brokers and staff to the register following the strong support shown through the priority offer.
“We believe we are in a strong position to build on the strengths of our core wholesale mortgage broking business and to expand our offering of AFG products.
“We start life as a listed company in a strong financial position and a very positive outlook.
"We are confident of delivering long term returns to our shareholders.”
AFG offers 1400 loan products from more than 30 lenders through its 2300 affiliated brokers, processing billions in finance every month.
AFG will trade on a deferred settlement basis until Tuesday when normal settlement will begin. It's ASX code is AFG.
