Tryo chairman David Thodey and chief executive Robbie Cooke ring the bell at the ASX on Friday in Sydney.Credit:Peter Braig
After ringing the bell to mark the opening of trading,Mr Thodey,a former Telstra chief executive and chairman of the CSIRO,welcomed investors'support and said the listing would boost market sentiment.
“We knew that markets were moving around,but this was more an event in terms of really realising value for shareholders because we didn’t need the cash. The business is trading well,” Mr Thodey said.
“I think it’s a great confidence booster for the market,actually,that great Australian companies and the tech sector can do well. I hope that it provides encouragement for others to do so as well.”
Loading
Tryo's strong opening day performance comes after the dramaticlast-minute failure of Ahmed Fahour's Latitude Financial's initial public offering in October. Confidence in the fintech sector has also been dented by a sharp earnings downgrade bysmall business lender Prospa last month. Prospa's share price has more than halved since its IPO in June.
Tyro,which commenced trading on the ASX under the ticker TYR,is a payment specialist that competes with the major banks for merchant customers including retailers,health businesses and hospitality companies. Founded in 2003,it has long championed competition in payments,a sector dominated by the big banks and international card schemes.
It raised $287 million in its initial public offering,and the company listed with a market capitalisation of $1.37 billion.