Even as many technology plays are struggling to keep their share prices over their initial public offering (IPO) price, Australia's WiseTech Global on Monday jumped on its debut on the Australian Securities Exchange, sending its market value cracking past the 1 billion Australian dollar ($750 million) mark.
WiseTech, which provides technology to logistics companies, offered shares at A$3.35 a share. The company raised approximately A$168 million, with over 50 million shares offered and suggesting an initial market value of around A$974 million. The stock began trading at midday local time at A$3.41 per share, a premium to its IPO price, climbing as much as 14 percent even as the broader ASX 200 index ended down 0.12 percent.
The solid debut came despite investors turning cautious about new floats.
Philip Alexander, executive director at Jacanda Capital, noted that investors "have either been stung or they have seen other retail investors get stung." He told CNBC's "Squawk Box" that WiseTech is a clear standout because it's profitable, global and very large.