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

 

Napier Port IPO Final Price set at $2.60 per share

Napier Port announces the final price of its initial public offer (IPO) at $2.60 per share which is at the top of the indicative price range.


Napier Port Chair Alasdair MacLeod says: “Napier Port is pleased with the results of the bookbuild which was significantly over-subscribed with strong support from Hawke’s Bay, New Zealand and international investors. This positions Napier Port well for its planned debut on the NZX later this month and for the long term.”


Allocations to the priority pool, institutional investors and NZX firms reflected several objectives, including providing a priority allocation to Hawke’s Bay, building a quality register of shareholders to support the Port post-listing and setting the Port up for success in the longer term.


“Hawke’s Bay Priority Offer groups have been allocated 20% of the shares on offer. Close to 90% of applicants received their application in full, with only those who requested over $10,000 having their applications scaled. Of the eligible Port employees, 97% took up the Priority Offer. Four of the eligible iwi groups participated, receiving a priority allocation. On listing, Napier Port will be approximately 90% New Zealand owned .”


The strong level of total demand has meant that material scaling has been necessary across all investor groups.


Napier Port has now allocated shares to NZX firms who are participating in the Broker Firm Offer. Clients of participating NZX firms are able to apply for shares with their brokers under the Broker Firm Offer, which closes at 5.00pm (NZT) on 16 August 2019 (full details are available online at: www.napierportshareoffer.co.nz). There is no public pool of shares available in the Broker Firm Offer.


Napier Port plans to allot shares to all successful applicants to the IPO on Monday 19 August 2019. Trading of the shares is planned to commence following the official listing of Napier Port on the NZX Main Board and the opening of trading on Tuesday 20 August 2019.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

$7.5 Billion Surplus: Government Accounts "Show Strong Economy"

“The surplus and low levels of debt show the economy is in good shape. This allows the Government to spend more on infrastructure and make record investments in health and education,” Grant Robertson says. More>>

ALSO:

New OIO Application Trumps Judicial Review: OceanaGold Cleared To Buy Land For Waihi Tailings Expansion

In a surprise turnaround, the government has given OceanaGold a greenlight to buy land to expand its Waihi mine after the application was previously turned down by Land Information Minister Eugenie Sage. More>>

ALSO:

Christchurch Rebuild: Fletcher Sued For $7.5m Over Justice Precinct

Fletcher Building is being sued for $7.5 million by utilities contractor Electrix, one of the subcontractors on the Christchurch Justice and Emergency Services Precinct. More>>

Three New Drugs: PHARMAC Signs Bundle Deal For More Cancer Medicines

420 New Zealanders with lung cancer, breast cancer, multiple sclerosis and respiratory disease will benefit each year from a bundle deal PHARMAC has finalised with a medicine supplier. More>>

ALSO:

"Levels Playing Field": Government Responds To Electricity Price Review

The changes announced today include: • Supporting new and independent retailers by requiring the big power companies to sell into the wholesale market at affordable rates. • Extending discount rates to all customers • A pilot scheme to help customers who have not switched power providers before to shop around for better deals... More>>

ALSO: