However, investors, who appear to be uncertain about the value of VoIP equities, for the most part gave Freshtel a wide berth throughout the day, leaving the stock to close marginally up at 22c on disappointing volume for the opening day of an IPO.
Freshtel is touting itself as the first company in Australia to produce a VoIP 'triple play' consisting of hardware, software and network and currently claims over 180,000 subscribers worldwide.
The Freshtel IPO raised $3 million and closed oversubscribed last week. The IPO received good support from both Australian institutional and retail investors.
Freshtel plans to use proceeds from the IPO to continue its global commercialisation and fund ongoing R&D of its VoIP 'Triple Play' offering.