Scented candle maker Ecoya failed to light up the market in its first day of trading yesterday, closing 1c below its issue price of $1.
Shares in the company - the first initial public offering in six months - fell as low as 95c during the day with just 12,177 shares trading.
Ecoya, 42Below founder Geoff Ross' latest venture, makes a range of home fragrance and body care products in Australia. The capital raised through the IPO will be used to expand the company into the US, the UK and China.
Ecoya will be competing with brands such as L'Occitane for shelf space and investors. That company has completed its IPO, which was oversubscribed, and is set to list on the Hong Kong Stock Exchange on Friday. Ross said this confirmed that the home fragrance and body care sectors were strong and indicated the sector's growth prospects.
Ecoya reached slightly over its $10 million target when its IPO closed last Monday at $10.1 million.
Ecoya on back-burner as share trading opens
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