SYDNEY, May 1 (UPI) -- Shares in Australia's Daily Planet more than doubled in value Thursday as investors flocked to purchase a stake in the world's first listed brothel.
The Daily Planet began trading on the Australian Stock Exchange at 70 cents, compared to the 50 cents issue price under its $3.75 million initial public offering.
By the end of the day, Daily Planet had more than doubled its initial value, closing at $1.09 with more than 1.4 million shares changing hands.
The Melbourne-based company, which first tried to be listed in 1994, is the world's first listed brothel, and is doing so with the help of ex-Hollywood madam Heidi Fleiss.
"We are a genuine public company with high drive and high interest and I've committed myself to the next five years," Daily Plant Chief Executive Officer Andrew Harris told the Australian. "To all the cynics we are here, we have made it."
Harris said the exchange had been supportive of the IPO telling the Daily Planet it was a legal and legitimate business. The annual turnover from the business is between $6 million and $9 million from which the company receives $3 million in room booking fees, he said.
The newspaper said the Daily Planet plans to open a "sex Disneyland" in Sydney.
It is also considering franchising The Daily Planet within Australia with likely venues in Perth, Brisbane, Sydney's western suburbs and a second club in Melbourne.
