Shares in Elanor Investors Group gained 2 per cent on the first day of trade on the Australian Stock Exchange.
The owner of the Peppers Cradle Mountain Lodge in Tasmania, a Mantra hotel at Wollongong and the John Cootes Furniture business closed at A$1.275. The Elanor initial price offer was priced at $1.25 a share.
The IPO market has raised over $5bn so far this year, the largest amount for the same period since 2005. That has left some fund managers with deal fatigue and mixed performances upon listing.
Monash IVF and iSentia also enjoyed positive first-day performances last month, while fashion retailer PAS Group, hotel group Mantra, Educational software company 3P Learning, salary packer and fleet leaser Smartgroup and American Patriot Oil all sank below their offer prices. Personal hygiene product maker Asaleo Care ended its debut flat but has since gained to be up around 6 per cent from its IPO price.
Elanor will be led by Moss Capital chief executive and former Lehman Brothers head Glenn Willis. Its investment portfolio has tourism properties such as . The funds management arm is made up of three single-asset property syndicates and the John Cootes Diversified Property Fund.
The company expects to establish $75m of new managed funds in the 2015 financial year and flagged medium-density development at two Sydney sites.