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

Westport's mayor off to England to investigate waste-to-energy plant Climate breakthrough: grass logs carbon emissions from power plants How they make it: Dad's Pies on growth path as Japan develops appetite for pies Harmoney says court case could 'spell the end' of a growth industry Australian asbestos discoveries ring alarm bells in NZ Chorus chief executive Mark Ratcliffe won't seek another full-time role Update your iPhone to avoid major security flaw, users told Agent who 'flipped' house facing fraud charges ACC pulls investments in blacklisted companies Students' social venture aims to help teenage males out of depression

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