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

 

OceanaGold: Man Killed In Waihi Mine Accident

A 29-year-old man had died following a work place accident at OceanaGold mine, Waihi last night. The man was killed after the front end loader he was in rolled down a slope. The accident happened at approximately 6.30pm on Thursday night. More>>

ALSO:

Constructing Consent: Annual Housing Consents Highest In Over A Decade

More than 29,000 new homes gained building consent in the year to June 2016, up 16 percent from the previous June year, Statistics New Zealand said today. More>>

ALSO:

War Against Weevil For Future Peas: “No Peas, No Weevil” Ban Now In Place In Wairarapa

The Ministry for Primary Industries (MPI) has today placed a ban on growing peas within a specified area and placed controls on moving pea material (seed and untreated pea straw) within, in and out of this area for the next 2 years. More>>

ALSO:

Wood Producers: Crisis In New Zealand Log Supply

New Zealand wood processing leaders held a hui with senior government officials and political leaders in Whangarei yesterday to assess the acute log supply shortage to local mills in Northland. More>>

Consents And Taxes: Trustpower 'Very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news