14 Dec 2011

Trade Me has active first day on NZ stock exchange

6:31 am on 14 December 2011

Trade Me enjoyed an active first day after floating on markets in New Zealand and Australia on Tuesday, with $53 million worth of shares changing hands.

Fairfax Media sold a third of its stake in the online trading site as part of moves to reduce debt, raising $364 million.

Trade Me's shares rose as much as $2.93 each, before ending the day at $2.90, an increase of 7% of its issue price.

Trade Me chief executive Jon Macdonald says it's an endorsement of its dominant position in the online auction market and the potential of the business to continue growing.

It will trade under the code TME on both the New Zealand and Australian exchanges.