Step One Clothing Ltd <ASX: STP> has debuted on the ASX today.

Step One Clothing Ltd has debuted on the Australian stock exchange today.

Following an IPO at $1.53/share, raising $81.3 million, shares in Step One Clothing skyrocketed 79% to a high $2.75/share during the session.

Step One Clothing Ltd says the funds raised at IPO will be used to ?support the Company?s growth strategies, including growing Step One?s existing customer base in Australia and the UK, and investing in establishing a presence in the US?.

An increase in listing price is a vote of confidence from the market about the future prospects of the company.

A decrease in the listing price can be interpreted in a number of ways, including whether the IPO was accurately priced.