Ten banks have turned up on the list of the top 20 shareholders of Cuscal Limited following the firm’s IPO.
Cuscal yesterday completed its listing on the Australian Securities Exchange.
Shares in Cuscal ended its first day of trading at $2.30 a share, 20 cents less than the IPO price of $2.50.
The top 20 shareholders list shows a stack of mutual banks and one credit union have maintained a material shareholding in the company, led by Great Southern Bank, which sold half its shares into the offer.
Bendigo and Adelaide Bank, which was a top two shareholder, does not appear in the list, so either Bendigo holds its shares behind a nominee company or has sold out into the listing.