This week’s listing of Apiam Animal Health came on at a 26% premium above issue price has given Shaw and Partners’ investors an early Christmas present.

Shaw and Partners acted as the Sole Lead Manager and underwriter of Apiam Animal Health’s $40 million raising at $1 per share. The stock traded as high as $1.32 on its first day on the ASX.

Apiam is a vertically integrated animal health business, which provides animal health services and products focused mainly on production animals, including pigs, feedlot beef cattle and dairy cattle.  As well as veterinary clinics, Apiam provides genetics, veterinary services, wholesale and retail products as well as technical services related to food-chain security.

 Shaw and Partners’ Deputy CEO, Simon Gray, said the IPO had been a great offering for investors as Apiam was a strong business with a solid business plan.

 “We were very pleased to be able to make this exciting company available to the market. Shaw and Partners supported this float as we thought it was a quality stock and it gave new diversity to client portfolios by taking advantage of the increase in Asian protein demand. Our clients appreciate having access to companies of this calibre,” Mr Gray said.

Apiam's IPO is priced at 13.7-times forecast 2016 financial year profit after tax and 9.1-times proforma earnings before interest, tax, depreciation and amortisation.

Apiam is seeking the cash injection to complete acquisitions, boost its profile and access capital markets. The company has entered into agreements to acquire 12 veterinary businesses and reckons it will provide vet services to 35 per cent of Australia's pig industry, half of the beef feedlot cattle industry and 25 per cent of the dairy cattle industry.

Apiam expects $12.1 million EBITDA for the 2016 financial year, based on proforma numbers, and $7.2 million profit.