OzForex surges 30% on debut

The online foreign exchange services provider was in heavy demand when it began trading this morning.

OzForez (OFX) has opened 30% higher on its first day of listing on the Australian Stock Exchange, making it the year's biggest float in what is set to be a burst of inital public offerings (IPO) for the rest of the year.

Shares in the online foreign exchange services provider began trading at $2.59, 59 cents above its IPO price, before slipping to $2.53 at 1210 AEDT.

This puts the market capitalisation of the company at around $607.2 million.

OzForex's IPO raised $440 million after closing heavily oversubscribed earlier in the month as several fund managers bought up the stock, not shying away from its 21.7 price-earnings multiple. 

OzForex's good opening performance follows another strong listing from 99 Wuxian (NNW) earlier this week, which debuted 37.5% higher on Tuesday and still sits comfortably above its IPO price.