Trading under the ticker ‘WDS’, Walter opened at $A1.79 – 19.3% higher that its offer price of $1.50.

This morning shares in the company opened higher still at $1.66.

Walter provides pipeline construction and maintenance services to the petroleum and water industries, as well as specialist services to the underground coal mining industry.

Managing director Garry Ash said the $65 million raised from its initial public offering would help the company to expand its pipeline business and consolidate its coal mining operations.