Costa Group falls on ASX debut
Shares in Costa, the largest fresh produce supplier to major Australian food retailers, began trading at $2.23 at 1200 AEST on July 24, two cents below the $2.25 price the company listed its shares on the ASX.
At 1215 AEST, the shares were worth $2.175, down 7.5 cents, or 3.33 per cent.
The company began as a single fruit shop in Victoria more than 100 years ago and was built up by the Costa family to an estimated value of $850 million.
It listed on the Australian share market after undertaking a public offer that raised between $541 million and $637 million.