Steadfast members across the country have breathed a sigh of relief, the cluster group ASX debut went off without a hitch, with shares quickly adding almost 25% value over the initial issue price of $1.15 per share.
Steadfast stocks, trading under the ASX code SDF, debuted at $1.35 and stayed strong over the weekend, starting the week at $1.43.
Steadfast has raised approximately $334 million through the issue of 290 million shares.
Alliance Insurance Brokers General Manager Cameron Jones says it is a great time to be a Steadfast member.
“With the high initial price and the public awareness it’s bringing to the industry, it can only be positive for members to be afilliated with the group,” Jones says.
“This is just one more benefit to add to the list, and as an SME those benefits count.”
United Insurance Group General Manager Trevor Howard agrees, adding: “It gives us even greater confidence in being able to communicate the benefits of having the support of Steadfast behind us to clients.”
“The confidence shown by investors in this early stage of the float indicates that there’s widespread belief in the business model and offering and ultimately benefits Steadfast and it’s member brokers.”
“Steadfast is a great provider of services to its members and we understand that this is a long journey that’s only just begun. But it’s definitely one we’ve started on the right foot,” Howard says.
General Insurance Brokers of Australia Director George Gilmore says: “It’s incredibly encouraging and shows there’s confidence in the business model.”
“All of the members got a distribution so we’ve clearly got a vested interest that the share price performs well and more importantly the resultant dividends from it. We look forward to continuing to utilise the buying power and other professional services that come through membership.”