Fintech company QuickFee (ASX:QFE) made an auspicious debut on the ASX on Thursday.
The stock commenced trading at 20c, with the company looking to raise $13.5m from the issuance of 67.5m shares.
But it promptly rocketed higher, climbing further above 40 cents throughout the session to close at 50c — a day-one gain of 150 per cent.
A service for professional services
Stockhead has contacted a company representative for comments on the early price action.
QuickFee acts as payment intermediary for services firms in the legal and accounting professions.
It offers an online portal that allows customers to pay when and how they want, reducing the lag times on late payments and smoothing out cashflows for the service providers.
The company takes on the initial cost of the invoice and provides a range of repayment options, including pay-by-instalments which includes a loan facility on which QuickFee derives interest revenue.
It was founded in 2009 and has a number of Australian business luminaries on the register, including the wealthy Smorgon family.
In its updated prospectus, chairman Barry Lewin said a key value proposition of the company was its first-mover advantage in the larger US market, where it has established working relationships with a network of more than 200 accounting firms.