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TradeMe goes public to the tune of $363m

TradeMe goes public to the tune of $363m
The floating of TradeMe has drawn support from a diverse range of investors but now it's back to business.

The floating of TradeMe has drawn support from a diverse range of investors but now it's back to business.

TradeMe is now a standalone company publicly listed on both the NZSX and ASX under the ticker TME after the completion of its IPO, which raised $363.5 million.

Trading in Trade Me shares began yesterday at 12pm.

TradeMe chairman David Kirk said there was strong support from a wide range of institutional and retail investors, according to Fairfax media. 

Chief executive Jon Macdonald said of the 134.6 million shares, about 55 percent went to individual New Zealand investors, 20 percent to New Zealand institutional investors and the rest to institutions in Australia.

He said being publicly listed would not change TradeMe's focus on providing "safe and trusted marketplaces for Kiwis to buy and sell", however.

TradeMe shares closed at $2.90, up 20 cents from the $2.70 issue price.

Fairfax is retaining a 66 percent stake in TradeMe.