The sharemarket is showing signs of rekindling its tainted love of internet stocks, with Australian sharetrading portal DaytraderHQ expecting to close its IPO two times oversubscribed.
According to managing director Chris Tate, the Daytrader float, which sought to raise $7 million, has already received subscriptions for more than $10 million worth of company shares.
However, Daytrader is obliged by law to hold the subscription doors open until early next week because of late additions to its prospectus pertaining to the company's plans to obtain a "very limited" broker's licence.
Tate expects the Daytrader IPO will close with over $14 million worth of subscriptions for shares.
Currently, the Perth-headquartered company operates an investment community internet portal and conducts live investment training.
The Daytrader float will come as one of the first handful of hi-tech hopefuls to hit the trading room screens since the sharemarket correction of April 17.
And market reactions overall are encouraging.
Today, sports graphics developer Pineapplehead enjoyed its first morning as a listed company well above water, with shares not falling below 63 cents on an issue of 50 cents.
Pineapplehead revealed yesterday that Kerry Packer's Nine Network had bought around 17 per cent of issued shares, which were also offered at 50 cents. Nine and Pineapplehead also announced a strategic alliance under which Nine will own around 12 per cent of the company.
Yesterday, Sydney e-commerce point-of-sale software developer Peg Technologies held its issue price of 50 cents on its first day of trading, with shares dipping just under issue to 45 cents this morning.