31 May 2013

Steady market debut for SLI

7:08 pm on 31 May 2013

Shares in SLI Systems has closed at $1.78 just below the stock's opening price on its debut on the stock exchange at $1.80.

But that closing price is nearly a fifth higher than the company's offer price of $1.50.

The float of almost a third of SLI, which provides the online search services for nearly 400 global customers, has raised $27 million, part of which is going towards further expansion abroad.

SLI's chief executive Shaun Ryan says the company thought it was a good time to list given the activity in the capital markets.

"We've been watching Xero and Diligent and since they listed, how they performed and how the market reacted to them, and very obviously the market values software service companies - and that was a big part of our decision to list."