Join our daily newsletter At The Bell to receive exclusive market insights
Tasmea Limited (ASX:TEA) is the latest entrant onto the ASX during a drought for the bourse down under – and the stock had climbed 12.5% to $1.75/sh in morning trades.
Tasmea originally listed at A$.156/sh, raising just short of $60M.
While gains were pared somewhat around lunchtime, over 2M shares had changed hands by that point, indicating one of the healthier listings of the year.
Helping matters of course is a surprise green day for the ASX, which if you took stock of market sentiments on Friday afternoon, mightn’t have seemed too likely.
But perhaps even more useful for a positive reception on day 1, Tasmea has announced on Monday it will pay a dividend of 2.5c on 7 June 2024 with the ex-date slated for the 14th of May.
Tasmea is a constituent of the industrials sector broadly with the company offering maintenance and engineering services.
Its IPO was underwritten by Morgans – the same firm that was recently caught up in the Smiles Inclusive fiasco.
The company is by far the biggest float of April, given that Tasmea has 17 subsidiary companies under its belt with a heavy focus on electrical services for residential and business.
The company owns Tasman Power, ICE Engineering & Construction and Tasman Asset Management Services, which sees Tasmea dabbling in financials as well.
Another entity, Yura Yarta, is a recruitment agency designed to hire Indigenous Australian labour.
GR Engineering (ASX:GNG) co-founder Giuseppe Toraro is Chair of Tasmea; he also remains as an NED for GR Engineering.
TEA last traded at $1.75.
