Dick Smith lifts on debut
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Electronics retailer Dick Smith has lifted 4.5% on its debut on the Australian Securities Exchange, making it the biggest float since Myer in 2009.
Unlike Myer’s poorly received opening over four years ago, Dick Smith’s stock opened eight cents higher at $2.28, putting its market capitalisation at around $540 million.
Dick Smith offers investors exposure to the mid-range retail sector. Chief executive, Nick Abboud, describes the company as a growth stock with an aggressive store rollout program.
Anchorage, the private equity firm that bought Dick Smith for $98 million from Woolworths last year, is retaining a 20% stake in the company.
Yesterday figures were released that showed retail sales rose 0.5% in October, ahead of expectations for 0.4%, and marking the third successive month of successive growth.
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