Fairfax Media Limited’s (ASX:FXJ) spin-off Trade Me Group Limited (NZE:TME, ASX:TME) had a strong debut yesterday on its first day of trade in Australia and New Zealand.
The dual-listed online auction business is 66 per cent owned by Fairfax and closed with a market value of about $834 million.
In New Zealand Trade Me Group closed 5.45 per cent higher at $NZ2.90.
In Australia Trade Me Group closed 0.45 per cent higher, as the broader market fell, finishing at $2.21.
Fairfax CEO Greg Hywood described the first day of trade as a “fabulous result” for the new entity.
Trade Me Group has forecast a 12.4 per cent increase in revenue and 6.3 per cent EBITA growth in the 2012 financial year.
