Australia's Dick Smith in upbeat debut after $315 mln IPO
SYDNEY Dec 4 (Reuters) - Shares in Australian electronics retailer Dick Smith Holdings Ltd rose 3.6 percent on their debut on Wednesday after the firm raised $315 million in its initial public offering, providing its private equity owners a profitable partial exit.
Dick Smith shares opened at A$2.28 compared with its A$2.20 and last traded at A$2.32, valuing the company at almost A$550 million.
Australian-based Anchorage Capital Partners cut its stake in Dick Smith to 20 percent from 98 percent in the IPO, having bought the company from Woolworths Ltd just over a year ago for an initial A$20 million and subsequent payments totalling A$74 million.
Goldman Sachs and Macquarie Group were joint lead managers on the IPO. ($1 = 1.0946 Australian dollars) (Reporting by Lincoln Feast and Jackie Range; Editing by Ryan Woo)
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