​Billion-dollar ASX debut for WiseTech Global

​Shares from Sydney's logistics software firm WiseTech jumped nearly 10 percent on its ASX debut, pushing the company past its AU$974 million valuation.

Cloud-based logistics software firm WiseTech Global made its debut Monday on the Australian Securities Exchange (ASX), launching with an initial market value just shy of a billion dollars at AU$974 million.

Within hours of debut, WiseTech shares jumped nearly 10 percent, bucking the weak trend in the broader stock market.

The company raised AU$167.6 million in the IPO through a combination of a sell-down by existing shareholders and an issue of new shares sold at AU$3.35 each.

However, within two hours of its ASX debut, WiseTech's shares rose as high as AU$3.67. At 1321 AEST, the stock was still up 32 cents -- or 9.55 percent -- at the AU$3.67 mark, with more than 2.6 million shares changing hands on the exchange.

With a market value close to AU$1 billion, Wisetech has forecast revenue of AU$102 million and AU$13 million in net profit for the 2016 financial year. Looking forward, for FY 2017, WiseTech expects profit at AU$26.1 million, on revenue of AU$135 million.

WiseTech Global was founded in Sydney in 1994, with a mission to lead the international logistics industry in technology innovation.

"Our mission is to change the world by creating breakthrough products that empower those that own, enable, and operate the supply chains of the world," the company says on its website. "We strive to create products that are renowned for their productivity, functional depth, data integration, regulatory compliance, global capability, and value."

Founder and chief executive Richard White retains an approximate 50 percent stake in the company which provides software solutions to the global logistics services industry, and boasts 6,000 customers across more than 100 countries including Australia, New Zealand, China, and the US.

WiseTech is the latest company in a series of home-grown billion-dollar technology firms that have expanded overseas.

Cloud accounting and bookkeeping software provider MYOB returned to public trading in May last year, after an almost six-year hiatus.

After its IPO, MYOB claimed a market capitalisation of AU$2.13 billion, with its previous owner United States-based private asset management firm Bain Capital, retaining a controlling 57 percent stake in the company.

Enterprise software firm Atlassian also recently had its IPO, however the former Sydney startup took its business overseas, resulting in the largest ever float from an Australian company in the United States.

Prior to its Nasdaq listing, Atlassian was valued at AU$5.6 billion, but the heavily oversubscribed IPO saw the tech firm reach a AU$6.01 billion valuation.

Within the first 24 hours of going public, Atlassian's stock soared 32 percent, debuting at $27.67 and peaking at $28.50 before closing at $27.78. The company's closing share price put its market value at nearly AU$8 billion.

With AAP.

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