Seek Ltd jumps on initial listing

SYDNEY - Australia's biggest online jobs website Seek Ltd has listed at a premium.

The Kerry Packer-backed company's shares hit the boards of the Australian Stock Exchange at A$2.15 ($2.32), up on the issue price of A$2.10.

A technical hitch meant the company, which raised A$162.3 million with the issue of 77.3 million securities in the initial public offer, did not float yesterday as previously planned.

Analysts tipped demand to be strong for the stock, despite the recent slump in the local market, as it tracked the downward slide suffered by equity markets around the globe.

Interest was strong and the float closed oversubscribed, meaning many investors had to wait until today to get their hands on the stock.

By 1107 EST (1307 NZT), the shares were up nine cents at A$2.19 on a volume of 7.7 million worth A$16.8 million.

- AAP