Just as earnings season is coming to an end, another block trade has emerged to kick-start the week.

A parcel of $62 million worth of Booktopia shares exchanged hands early on Monday, driving the company’s share price lower despite the business beating its already upgraded prospectus sales forecasts.

Sources said Shaw and Partners was tapped for the sale, which fits because it was one of the two brokers on board for its ASX listing last year.

Priced at $2.80 per share, the offer took place at a 6 per cent discount to Friday’s closing price of $2.99 - a record high for the stock.

The business has undoubtedly been a beneficiary of the COVID-19 pandemic. Having recorded $223 million in sales, it is now eying $500 million in the next few years.

Already its sales are up more than 10 per cent for July and August in the 2022 financial year.

On Monday Booktopia chief executive Tony Nash revealed the company was looking for acquisitions locally and overseas in retailing, publishing and distribution to boost the company’s existing operations and underpin further growth.

Having listed with a $2.30 issue price last year, the business is trading up more than 20 per cent since it debuted in December.

Article source: AFR, 30 August 2021