Solution Dynamics lists at premium on NZAX

12.00pm

Solution Dynamics listed at a 30 cent premium on the stock exchange's alternative market, the NZAX, this morning.

The company's shares opened at $1.30 at 11am today, up from its $1 per share issue price.

Solution Dynamics is just the second company to have gone through an initial public offer (IPO) of shares to list on the NZAX, after Just Water, which listed on June 15.

NZX markets development manager Geoff Brown said Solution Dynamics was perfectly suited to the NZAX Market by virtue of its size.

"We're thrilled to see this company using the NZAX Market to raise capital to propel these growth aspirations, and hope it will be a model for other companies to follow suit," Mr Brown said.

Solution Dynamics' offer, which closed over-subscribed, raised $2.295 million.

Rob Ford, Solution Dynamics' chief executive officer, said the company was delighted with the response to the listing.

"Until we announced our decision to list on the NZAX Market, we had been fairly low key, but the increase to our profile during the listing process has allowed potential investors to see the strong growth opportunities that exist for the companies under the Solution Dynamics umbrella."

He said capital raised in the offer will allow the company to take advantage of market opportunities and will assist in its growth strategy.

Solution Dynamics works in customer communications for the data entry, data management, laser printing and document distribution and archiving sectors through its trading subsidiaries Comit Group, Dejar International, Complete Print Solutions and Complete Data Services.

- NZPA