Steadfast IPO shares tipped to hit $2

Steadfast IPO shares tipped to hit $2 | Insurance Business

Steadfast IPO shares tipped to hit $2

Brokers have praised newly listed Steadfast’s “tireless efforts’ as the group enjoyed a second successful day on Australian Securities Exchange.

Shares reached $1.45 yesterday, and closed at $1.43, representing a 0.7% improvement on Steadfast’s first day of trading on Friday.

Steadfast CEO and managing director of Steadfast Robert Kelly, speaking after the first day of trading, said: “We are pleased with the market reaction today and believe this is representative of the long-term value and growth prospects in the business. The listing today has been a major milestone for Steadfast and the beginning of a new and exciting chapter in our corporate history.” 

Brokers yesterday told Insurance Business they were pleased with the company’s performance and predicted it would continue to soar.

Phillip Smith, director of Steadfast member Central Insurance Brokers, said Steadfast’s share price could hit $2 in the next six months, as it closed close to $1.50 on its first day of trading.

“It’s abundantly clear that Steadfast is solid and has a place in the market. I’m very pleased to have acquired my parcel of Steadfast shares and looking forward to the next six months and beyond.”

Steadfast has an 80% equitable stake in Mega Capital. The professional risk insurance broker’s director Gavin Donner said the business was pleased with “Steadfast’s strong debut last Friday”.

“Steadfast management led by Robert Kelly has achieved an incredible outcome. Their tireless efforts and unwavering positive attitude was truly amazing from the start of the process to the IPO. We are proud to be Steadfast members.”

Steadfast members were given replacement shares depending on support and existing shares. They were also given the option to buy additional shares.

Queensland-based Piranha Insurance Brokers bought the maximum amount of shares it could at issue price.

Piranha co-owner Peter Peirano said he and his wife were “ecstatic about the highly successful Steadfast float”.

“It gives brokers that are part of the Steadfast family a clear and prosperous future should they wish to exit the industry either way.  Well done to Robert.  We have a lot of faith in him and he has proved to be a leading light for Steadfast.  He has vision and passion to burn.”