TIL Logistics Group took a day to close its first trade as a public company following Thursday's reverse listing, with a small transaction crossing at more than twice the price the deal put on the shares.
The New Plymouth-based trucking and logistics company, formerly known as Transport Investments, joined the bourse after completing a reverse listing through Bethunes Investments on Thursday, although buyers and sellers didn't manage to meet on day one.
On Friday 2000 shares changed hands at $3.50 apiece, more than twice the $1.50 value implied by the reverse takeover, while another 1250 shares traded at $2.80 apiece.
"TIL Logistics Group Ltd notes that there is a wide bid-ask spread in TLL's shares, following the successful completion this week of TLL's acquisition of the Transport Investments Ltd business and an $11.51 million private placement to part fund that acquisition," chief financial officer Greg Whitham said in a statement.
"TLL encourages people who wish to trade in TLL shares at this stage, while there is a limited liquidity in the shares, to seek financial advice before doing so."
The latest trading price values TIL Logistics at $228 million.
The transport company had planned to list through an initial public offering, but gave up on those plans in mid-2017 after being advised "market conditions were not conducive".