PE-backed Metro Glass gains 5.9% on NZ debut

Shares reached a high of NZ$1.8 from the issue price of NZ$1.70 before settling back to NZ$1.77.

Metro sold 143.7 million shares at the issue price, which was set at the lower end of the indicative price range of NZ$1.65 to NZ$1.90. The total number of shares on issue following the IPO was 185 million, giving the company a market capitalization of NZ$314.6 million.

According to a prospectus, prior to the listing Crescent , JP Morgan and Sankaty held 42.5%, 10.9% and 10.5%, respectively, having invested NZ$181.5 million in the company for a majority stake in early 2012.

Anchorage meanwhile held 18.4%. Following the IPO, Crescent Capital, Anchorage Capital, JPMorgan, Sankaty Advisors and Deutsche Bank, hold a joint stake of 16.5%, while the management holds on to 3.8%.

There were concerns about confidence in the New Zealand market after private equity firm Next Capital withdrew the NZ$262 million IPO of equipment rental company Hirepool due to lack of support.

In statement the company said that Next Capital was comfortable retaining control of Hirepool given the strength of the New Zealand economy and the positive outlook for the business. However, local media reports claimed that institutional investors were unwilling to pay the asking price.

The joint lead managers of the offering were Forsyth Barr, Macquarie Securities NZ and UBS New Zealand.

 

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• Topics
• Australasia
• Exits
• Industrials
• IPO
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• New Zealand
• manufacturing