Metroglass shares rise on debut
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.