Trade Me shares climb on IPO

Update: Trade Me shares reached $2.90 by close of trading.

Story: Shares in Trade Me have shot up since the trading site launched on the NZX at midday today, and could reach $3 by close of trading this afternoon.

Debuting at $2.70, the shares have shot up to $2.83 in under an hour, an increase of 4.81%. Trade Me has also been listed on the ASX.

Owner Fairfax Media announced in August that it would sell a 30-35% stake in the site it acquired in 2006.

Since then equity researchers Woodward Research have endorsed the company, saying it presents a sound investment despite saturation in the New Zealand market.

Go here to follow Trade Me on the NZX (the code is TME).