Moa takes flight on IPO

Last updated 07:35 14/11/2012

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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

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- © Fairfax NZ News

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