Ferry and tour boat operator SeaLink has sailed through a stellar first day on the share market, adding $28 million to its value.

SeaLink Travel Group shares hit the market at $1.10 and immediately rose, gaining 36.4 per cent to close at $1.50.

That took the company’s market value to $105 million.

SeaLink operates ferries to Kangaroo Island in South Australia as well as from Townsville in Queensland and out of Darwin in the Northern Territory.

It also owns the Captain Cook Cruises tour company on Sydney Harbour, and offers other tourism services.

Sealink sold 15 million new shares in its public float to raise $16.5 million, which is to be used to buy new vessels, refurbish its existing fleet and strengthen its balance sheet for future expansion.

“A key focus for the board will be looking for growth opportunities in marine transport services as well as selected acquisition targets in the tourism and transport sectors,” chairman Giuliano Ursini said in a statement.

“The company has a good track record in making successful acquisitions.”

SeaLink’s origins are in South Australia, where it has provided the main link to Kangaroo Island since 1989.