Powerwrap fails to woo the market at open.

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Wealth Management platform provider Powerwrap Limited has had somewhat undesirable first few hours of trade today, going live around 11am. Asking a not unreasonable 35 cents per share, prices are yet to break this barrier, currently sitting at 31 cents, down 11%.

Some of the buzz around the IPO implied it was fairly cheap by comparison, but investors aren’t biting just yet - though we imagine plenty of punters will be sitting on this one for a little while to see if it gains some momentum.

You can check how it’s doing on the 2019 Scorecard.

UPDATE: It looks like it only needed a days trade to change direction with share prices now sitting 20% above the float price, not bad at all.