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Beforepay tumbled 44.1% on its ASX debut

The Australian Market see-sawed today before closing the first trading day of the week 0.32% higher at 7417.30.

The stocks that took the spotlight today were

Beforepay – slumped 44% on IPO
The app-based lending service that gives users access to credit based on a portion of their salary before payday, entered the financial services ASX sector today as one of the worst IPOs this year so far.
Listing at 3 dollars and 41 cents per share after raising 35 million dollars at IPO, shares in Beforepay plummeted 44.1% to close its debut session at $1.905/share.

Wesfarmers – jumped 3% today on half-year update
Retail-based Australian conglomerate Wesfarmers jumped 3% today after providing a trading update for the first half of the 2022 financial year. Wesfarmers expects to make a net profit after tax between 1.18 and 1.24 million dollars for the half, supported by strong results for Bunnings, and Wesfarmers Chemicals, Energy and Fertilisers, while results in Kmart and Officeworks were impacted by COVID-related disruptions and costs.

Step One clothing – soared 8.6% on new product launch
Step One Clothing soared 8.6% today after the Australian-based underwear brand announced its expansion into the women’s underwear market through the launch of its first female range.

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