New listings navigate Nasdaq tech wrecks

Friday 15th December 2000

NEW LISTINGS

Planned and actual listings on the New Capital Market outnumbered Stock Exchange main board entries in a year heavy on variety but light on capital weight.

Nine companies listed on the NCM and two more listings are planned this year, but sharebrokers are already complaining the rules are too onerous. Selector Group (E-Opportunities) has already graduated to the main board and others are likely to do so next year.

Nine companies - BeautyDirect, Cadmus Technology, Frucor, GDC Communications, Genesis Research & Development, National Mail, Powerco, RMG and Vending Technologies - gained main board listings. There was also a spate of "backdoor" listings as companies were backed into listed shells.

Technology companies had a rocky ride, with two "tech wrecks" sending the Nasdaq index spiralling downward, but the sector still saw a steady flow of listings and venture capital deals.

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