Moa takes flight on IPO
Shareholders of boutique brewer Moa probably quaffed a celebratory bottle of the company's wares yesterday after its stock price leapt out the gate at its sharemarket debut.
The firm's shares closed at $1.30 apiece, 4 per cent above its $1.25 listing price.
They had hit a peak of $1.35 during the day's trading.
Activity in the stock was high, with more than 40,000 shares changing hands over the five hours it traded, a level that was higher than 11 other firms listed on the benchmark NZ50 index.
The activity appeared to be driven by pent-up frustration, with the $1 million of publicly available shares oversubscribed by 124 per cent.
The firm raised an additional $15m through allocations to institutional investors and clients of NZX firms.
In total 38.4 per cent of the company was floated. Fairfax NZ
Taranaki Daily News