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On a rocky day for the markets, Kelly + Partners listed on the ASX yesterday, with results that left its senior management “pleasantly surprised”.
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Big stock market debut for Kelly + Partners
22 June 2017
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8 minute read
Shares finished the day at $1.36 — well above its issue price of $1 — after opening at $1.28 and hitting a high of $1.39.
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“In a day today when the market was down, we closed up 36 per cent on IPO price,” founder and executive chair Brett Kelly told Accountants Daily. Mr Kelly is a majority shareholder.
Paying down some debt from the head office at the management level was part of the firm’s aim.
“The IPO achieved a number of outcomes, which included repaying debt so the management company was debt free,” Mr Kelly.
“The purpose of the IPO was really to do three things. It was to attract the best clients, to attract the best people, and to attract the best firms to Kelly Partners,” he said.
The firm was confident moving into the listing yesterday, but Mr Kelly said the team was still surprised at the strong results.
“We were pleasantly surprised with the stock market debut. It shows a continuation of strong support for our business model, outlook and vision,” he said.
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