Cinema firm valued at $188m in IPO

TOM PULLAR-STRECKER
Last updated 13:26 17/07/2014

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Investors in cinema software company Vista's sharemarket float will pay $2.35 for its shares, valuing the company at $188 million.

The price was set following a book build open to institutional investors and retail brokers who had been told to expect the price to fall between $2.10 to $2.70.

Vista, one of a stream of technology companies listing on the NZX, is raising $40m of new capital through its initial public offer. Its existing shareholders are seeking to cash up $52m by selling down their stake in the company to 47 per cent.

Chairman Kirk Senior said the investors had applied for more than twice as many shares on offer at the final price, "showing a strong level of support from investors".

Vista's retail offer will close on August 1 and it expects to list on the exchange on August 11.

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