Trading in Cochlear shares begins:
This article was originally published in Clinica
Shares in Cochlear, the Pacific Dunlop (Australia) subsidiary, were listed on the Australian stock exchange on December 4th at Aus$2.50 per share, capitalising the company at Aus$125 million ($96 million). Retail investors were allocated 18.3 million shares, or 36.6% of the total, Australian institutions 33.4% and offshore institutions 30%. Cochlear earned after-tax profits of Aus$10.4 million on sales of Aus$68.0 million in fiscal 1995 (ended June 30th).