Shares in the newest member of the NZX, SLI Systems, have jumped 18.67 per cent from its initial public offer price.
The Christchurch-based technology company listed on the stock exchange yesterday and its shares climbed in early trading, eventually closing at $1.78.
Founded in 2001, the company - whose name stands for search, learn and improve - builds and sells search tools for online retailers, who are charged a monthly fee for these services. Some of its local customers include The Warehouse and Mitre 10 and further afield, London department store Harrods.
It raised $27 million in its initial public offering at $1.50 a share. Of that $27 million, $12 million was allocated to existing shareholders.
The other $15 million is being used to grow the business in the United States - at present the biggest market for e-commerce businesses like SLI - as well as in Britain and Australia.