Metroglass shares rise on debut

TIM HUNTER
Last updated 13:37 30/07/2014
Metroglass NZX debut
CHRIS SKELTON/Fairfax NZ

RAISE YOUR GLASSES: Sir John Goulter (Packard House), Nigel Rigby (Metro Performance Glass CEO), and Aaron Jenkins (NZX) toast the Metroglass NZX debut.

Relevant offers

Industries

'Silly' to suggest Xero has endorsed Trump administration, says CEO Rod Drury Sharp fall in Wellington building consents in November, due to quake Creating a new destination for cruise ships in Bluff Privacy Commissioner 'names and shames' photo firm over privacy breach Former Saatchi chair Kevin Roberts speaks about the words that cost him his job Aussie company Volley cops a serve from Christian lobby for using sex to sell tennis shoes Wine lovers from 20 countries heading to capital to celebrate Kiwi pinot noir Pot for pooches? Medical cannabis being used to treat doggy anxiety Cambridge University wants a Lego professor of play Greens call for Simon Bridges to explain delays to UFB negotiations

Shares in newly listed Metroglass rose on their NZX debut this morning after a $244 million initial public share offer was completed this week.

The stock opened at $1.75 on a healthy level of bids and offers, up 5c on the offer price.

The Auckland-based company, which produces glass for homes and commercial buildings, was floated by its private equity owners at $1.70 a share, valuing it at $315m.

Most of the stock in the IPO, about $200m worth, was bought by institutions, with the remainder going to retail investors and staff.

The existing shareholders, mainly private equity firm Crescent Capital, have retained a 22 per cent stake.

Metroglass is the biggest IPO to hit the market this year after the float of Genesis Energy.

At an event to mark the company's debut, CEO Nigel Rigby paid tribute to its previous owners, who had bought in at a difficult time.

"Private equity gets a tough rap but these guys have been excellent shareholders," he said.

Management's job was now to deliver in prospectus forecasts, he said.

In early afternoon trading, the shares were up 7c, or 4 per cent, at $1.77, valuing the company at $328m. The shares hit a high of $1.80. 

Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content