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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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