BrainZ makes steady Australian debut

In a steady debut on the Australian Stock Exchange yesterday, Auckland-based brain monitoring technology specialist BrainZ Instruments attracted more than 500 new shareholders.

About 600,000 shares changed hands with the price finishing the day at 54Ac.

The listing followed a fully over-subscribed initial public offering of 26 million shares at 50Ac each, which raised A$13 million ($13.85 million).

Parent company Tru-Test retains a 57 per cent stake in the company.

Chief executive Justin Vaughan said he was delighted with the reaction from investors.