Steadfast shares soar on listing debut
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Insurance broking firm Steadfast Group has rallied 21% in its debut on the Australian Securities Exchange after raising $333 million in its initial public offering.
Steadfast was trading at $1.40 at 1425 AEST, against a benchmark rise of 0.98%, after listing at midday at $1.15 a share.
Sydney-based Steadfast, which is chaired by former QBE chief Frank O'Halloran, raised $333.7 million through the issue of 290.2 million fully-paid ordinary shares.
Steadfast's strong debut is at odds with health insurance comparison group iSelect, which fell 16% on its first trading day in June.
On its website, Steadfast says it is Australia's largest broker network group, with 280 insurance brokerages and $4.1 billion in annual insurance sales. It provides insurance broking and underwriting services.
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