IT distributor, Dicker Data, has begun its first day of trading on the Australian Stock Exchange (ASX:DDR) opening at $0.21.
Dicker Data managing director, David Dicker, first announced his intentions to list the company in March last year.
Initially, 3 per cent of Dicker Data’s total share has been made available through a Compliance Float, which requires at least 500 shareholders putting in $2000 each. Dicker, along with his former wife and co-business owner, Fiona, will retain the rest of the business.
The distributor officially began hunting for shareholders in November and released its prospectus, detailing the purchase of shares at $0.20 each.
Dicker has previously claimed the listing would have no impact on its operations, but it did expect increased financial clout.
According to the distributor’s 2010 financial results, the company achieved more than $4.5 million net profit and revenue of about $286 million.
Dicker previously attempted to list the company in the 2008 through a potential purchase of ASX-listed distributor, Cellnet, but negotiations fell through.