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

Pornhub's whale advocacy won't actually help the whales all that much Bell Tea buys Christchurch's Hummingbird coffee company SkyCity convention centre deal starting to pay off 4500 new homes in latest announcement of Special Housing Areas Solid Energy has decision "pending" on whether to close Stockton Sex-tech entrepreneur Cindy Gallop says NZ could 'clean-up' in industry Emirates releases Auckland to Dubai pricing Petrol prices drop for second time this week to lowest in more than a year Wine company Indevin snaps up Winegrowers of Ara vineyards in Marlborough Highest rental returns found in Gisborne, realestate.co.nz survey finds

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