- Virtual marketplace MyDeal.com.au (MYD) share price has soared during the company's first day of trading on the ASX
- The online retailer was added to the listing after completing a $40 million IPO for interested investors
- Under the offering, shares were on offer for $1 each — giving the company an initial market cap of $258.8 million
- MyDeal also used today's listing announcement to reveal its positive growth over the Q1 FY21 period
- The retailer brought in $56.7 million in sales over the September quarter and serviced almost 670,000 customers
- Towards the close of market, MYD is trading up 85 per cent for $1.85 per share
MyDeal.com.au (MYD) has seen its share price soar during the company's first day of trading on the ASX.
The online retailer and marketplace was added to the listings after successfully completing a $40 million IPO for interested investors.
The offering saw 40 million shares offered to new and existing shareholders for $1 each, giving it an implied market capitalisation on listing of $258.8 million.
Since being added to the ASX under the ticker code MYD, the retailer's share price has doubled and hit a high of $2.20 during mid-trade.
“This is a very exciting day for MyDeal, and I am delighted with the strong support that we received from both institutional and retail investors," MyDeal CEO Sean Senvirtne said.
"I would like to thank our long-term shareholders for their ongoing support, and welcome new shareholders to be part of the exciting journey ahead of us," he added.
MyDeal.com.au primarily focuses on the sale of homewares and furniture goods, making its money off of the commission brands pay to sell their goods on the site.
It used today's listing announcement to reveal its positive financial growth over the Q1 FY21 period.
The retailer said it brought in $56.7 million in sales over the September quarter, a 317 per cent increase year-on-year.
It also grew its active customer base to 669,897, which represents a 268 per cent increase compared to the same period last year.
At the end of the company's first official day of listing, shares in MyDeal.com.au are trading for $1.85, up a solid 85 per cent.