Australia's payment services company Cuscal slides in trading debut (updated)

Cuscal

25/11/2024 01:12

(Adds share price move in paragraphs 1-2)
    By Scott Murdoch
       SYDNEY, Nov 25 (Reuters) - Shares of Australian payment
services company Cuscal  CCL.AX  dropped nearly 7% in their
trading debut on Monday, compared with the IPO price of A$2.50
apiece. 
    The stock opened flat but began to decline in afternoon
trade, reaching a low of A$2.33.
    The Sydney-headquartered firm raised nearly A$337 million 
($221 million) in the IPO with a A$479 million market
capitalisation, according to a statement. 
    The company sold A$40 million in new shares and about A$297
million from existing shareholders selling stock in the deal,
the statement said. 

    ($1 = 1.5281 Australian dollars)
    

 (Reporting by Scott Murdoch and Byron Kaye in Sydney; Editing
by Tom Hogue and Sherry Jacob-Phillips)
 ((Scott.Murdoch@thomsonreuters.com;))