Australian MMJ company lists stock, which soars
An Australian developer of marijuana-based medicines that debuted on the Australian Securities Exchange Thursday saw its stock soar 38% above its offering price before settling in to close 30% above its listing price.
The Sydney Morning Herald valued Creso Pharma at about $11.5 million Australian dollars (about $9.7 million).
The company listed on the ASX with an issue price of AU$0.20 cents per share but the offering was heavily oversubscribed, according to the Sydney Morning Herald, pushing up its opening price for the day to AU$0.25 cents. The West Perth-based company hit a high of AU$0.275 cents