Claims manager Stream Group listed on the Australian Securities Exchange (ASX) on Friday, opening at 24 cents.

The shares were issued for 20.5 cents and the $748,721 raised is earmarked for working capital and growth.

Don McKenzie, who founded the company in 2007, retains 48% ownership.

He says listing provides additional security for clients and “allows us to continue to look to acquire assets that add to the value of the group, as well as being a fantastic way to attract and retain high-quality people”.

The market debut was effectively a relisting after “cash box” LongReach acquired Stream in a share swap, giving Stream a listing vehicle and LongReach shareholders an operating business.

The company then made a public offer to achieve a spread of enough shareholders to satisfy ASX rules.

Stream bought 39% of loss adjuster Cerno in March last year. Mr McKenzie says that as the largest single shareholder, Stream’s listing adds significant financial strength to the partnership.