Metroglass aims to list by July 30. Photo supplied.
Metroglass has launched its initial public offering (IPO),
offering shares to investors at $1.70 each as the company
aims to raise more than $244 million by July 31.
The price followed an institutional and broker firm book
build and implied a market capitalisation of $314.6 million.
The company said the offer was more than two times
There were 143.7 million shares on offer. Selling
shareholders retained 34.3 million, or 18.5% of the number of
shares on offer at completion date.
Chairman John Goulter said in a statement the company was
positive about its future.
The New Zealand value-added glass processing market was
forecast to grow, driven in particular by the expansion of
the residential construction market and the improving
commercial construction market.
Metroglass processed more than two million square metres of
glass products a year and was the largest value-added glass
processor in New Zealand, with more than 50% market share.
It had national coverage through 17 decentralised sites,
including Dunedin and Cromwell.
It had five major processing sites, a fleet of more than 260
service vehicles and more than 700 employees throughout New
Zealand, he said.
Chief executive Nigel Rigby said the New Zealand construction
market was cyclical by nature.
However, residential construction activity was expected to
exceed historical averages in the medium term, buoyed by
economic growth, net migration, the stimulus of the
Christchurch rebuild and the reversal of the below-average
level of building activity during the past six years since
the global financial crisis.
The prospectus was registered yesterday and the broker firm
offer opening day was July 15.
The broker firm closing date was July 28, and shares would be
allocated the next day.
Trading was expected to start on July 30.
Organising brokers are Forsyth Barr, Macquarie Securities and
UBS New Zealand.