Quadrant-backed Summerset struggles on trading debut
Summerset Group, the New Zealand retirement village operator owned by Quadrant Private Equity, saw its stock open above the IPO price of NZ$1.40 on Tuesday, although it closed marginally below it. The price slumped a further 2.84% to NZ$1.37 on Wednesday.
The company raised NZ$123.6 million ($99.5 million) in the largest offering seen in New Zealand in two years, despite pricing at the bottom end of its indicative range. Quadrant retains 56% of Summerset,...
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