Forrest wins big as Swoop more than doubles on ASX debut
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The Andrew Forrest-backed Swoop Telecommunications has made a stunning debut on the ASX – the stock has more than doubled in price within hours of a backdoor listing.
Swoop began trading at 50¢ and closed at $1.25 on Thursday in what chairman James Spenceley said was a positive sign after recent gloom and doom around IPOs.
The Forrest family’s private investment arm, Tattarang, owns 19.7 per cent of Swoop, and the value of the stake jumped from $16.7 million at the start of the day to about $43 million.
Mr Spenceley, who is the founder of Vocus, and Amcom founder Tony Grist are among the other big shareholders.