Steadfast shares jumped on listing with the Australian Securities Exchange on Friday morning, and have maintained their gains into today.

The stock was issued at $1.15, opened at $1.35 on Friday and closed at $1.42. It opened at $1.45 today.

MD Robert Kelly says the market’s reaction “is representative of the long-term value and growth prospects” in the business.

“The listing… has been a major milestone for Steadfast and the beginning of a new and exciting chapter in our corporate history,” he told insuranceNEWS.com.au on Friday.

The float raised $334 million after the issue price was set at the upper end of the $1 to $1.20 indicative range.

Mr Kelly says the listing heralds the next phase in Steadfast’s corporate evolution.

“It will be an important event for the business and an opportunity to expand the service and support we provide to the Australian insurance industry,” he told broker principals last week.

“Listing… will result in Steadfast having more enhanced financial flexibility and better access to capital markets.”