Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


UPDATE: Intueri climbs 16% in training group's NZX debut

UPDATE: Intueri climbs 16% in training group's NZX debut

(Updates with broker comment, refreshed share price)

By Suze Metherell

May 23 (BusinessDesk) – Intueri Education Group rose 16 percent in its NZX debut after owner Arowana International spun off the private training school operator about a year after its own listing on the ASX through a reverse takeover.

The shares first traded at $2.63 after being sold in an initial public offering at $2.35, and were recently at $2.72, giving the company a market value of $272 million. That values Arowana's remaining 24.9 percent holding at $67.7 million. By lunchtime 8.9 million shares of the company had changed hands, for a value of $242 million.

"Its been a relatively successful listing but pretty much all the activity has been large lines of stock so it really has been the institutions buying and selling the stock," said Grant Williamson, director at Hamilton Hindin Greene, which didn't buy any Intueri shares. "It's a new industry that has come onto the market obviously it does give some fund managers some diversification into a new business type. I would have to say I may be a little bit surprised to see it trade as actively as it has on the first day and at the level it has traded."

Intueri is set to become New Zealand’s largest private training establishment by domestic students, with 6,000 local enrollments and a further 1,000 international students each year, across 26 locations. It also owns half of Online Courses Australia. After listing, Intueri has said it will look to expand in the private education sector in New Zealand and its Australian online education business.

Massey University chancellor and former Landcorp chief executive Chris Kelly is chairman of the company.

Arowana used the shell of insulation business Intelligent Solar, which was placed in administration in 2011 after being caught by the Australian federal government's decision to end a subsidy programme. In turn, it is part of Arowana & Co, set up in 2007 as a type of private equity investor looking at a wide range of businesses.

Arowana shares last traded on the ASX at 88 Australian cents and have climbed 83 percent since their debut in April 2013.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Industrial Action: Stats NZ Throwing Public Money Away Duplicating Data

The Public Service Association (PSA) says Statistics NZ are throwing money away by collecting the same data twice for official statistics such as the Consumer Price Index... As part of the ongoing industrial action, field interviewers who are PSA members are continuing to collect data, but are not sending it through to Statistics NZ. More>>

ALSO:

Other Stats:

Space: Rosetta's 'Philae' Makes Historic First Landing On A Comet

After more than a decade traveling through space, a robotic lander built by the European Space Agency has made the first-ever soft landing of a spacecraft on a comet. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news