Swoop takes flight on ASX debut

Shares in Andrew Forrest-backed telco Swoop more than doubled in value today as the company finished its first day of ASX trading with market capitalisation of $212 million.

Swoop had offered 40 million shares at $0.50 each prior to listing.

Shares in the company began the day trading at $1.14, peaking at $1.33 before closing at $1.25.

The company’s listing follows a reverse takeover of Sydney-based outfit Stemify by Swoop, which itself had merged with Geraldton-based NodeOne Internet in February.

Mr Forrest retained an interest in both outfits with Tattarang holding a 20 per cent stake in the merged entity prior to listing.

His stake in the company is now worth approximately $42 million.

Mr Forrest, alongside Anthony Grist, who is a director of Minderoo Foundation and Swoop, and James Spenceley, who chairs Swoop, subscribed for $4 million during the IPO.

A release to the ASX after the listing indicated the company had $22 million of cash-on-hand and no debt.