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

Sanford's green lipped mussels growing too big for bite size Massive bridge-building machine named Dennis reaches Auckland Motorway milestone Skinny inches it on price for average mobile user Fletcher gets go-ahead for Ihumatao special housing area Mainfreight posts record annual profit of $88 million The retailers who have taken Dick Smith's place Kiwis well-served in digital world, annual Commerce Commission report finds Fonterra announces next season Farmgate milk price forecast of $4.25kgMS More Wicked Campers slogans banned, behaviour concerns advertising watchdog Shewan Inquiry gets advice on tightening trust regime

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