Citadel buoyant in turbulent market

Citadel buoyant in turbulent market

Citadel Securix shares settled comfortably at $1.15 after its fourth day of trading, up 15 cents from the initial offer price of $1.00.

After hitting the market last Tuesday at $1.10, prices rose to $1.30, indicating healthy interest in the security solutions integrator (ASX: CSX).

Doug Hutchinson, Citadel's chief financial officer, said reactions to the float had been positive from the outset with the public offer opening on September 27 and closing three days early over-subscribed.

The unanticipated interest helped to dispel pre-float fears fuelled by a seesawing share market. "The underwriter, BMP Equities, which guarantees the uptake of the shares, had the option to stall the float until a later date," said Hutchinson. "But in light of the interest shown by investors, they decided to go ahead as planned."

Hutchinson said the falling dollar has little impact on Citadel's business operations because it deals with the high-end corporate market. "We've been forced to increase the costs of imported products but we can afford to pass those on to our customers," he said. "Also a big part of our business is in the consulting and that cost doesn't really change."

Citadel raised $10 million from the public offering, which will be used to expand its consulting throughout Asia and extend it vertical portal opportunities.

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