OzForex IPO in hot demand

Demand from fund managers confirmed the online foreign exchange service's float as one of the most highly sought after of 2013.

OzForex Group (OFX) has confirmed it is one of Australia’s hottest initial public offerings this year.

Priced at 21.7 times forecast 2014 earnings, OzForex’s bookbuild closed at midday AEST today several times oversubscribed. Small cap fund managers and Australian and foreign hedge funds sought to place orders for the stock at $2 a share.

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