Vista Group shares will sell at a confirmed offer price of
$2.35, raising $40 million in new capital to fund
acquisitions and development plans.
Existing shareholders will sell 22 million shares to take the
total offer size to $92 million, retaining a 47% stake in the
Chairman Kirk Senior said the price placed an indicative
market capitalisation on the company of $188 million, with a
total of 80 million shares on offer.
Vista provides software to the film industry through six
business units. The company has more than 250 staff across
six offices in the New Zealand head office, the United
States, the United Kingdom, the Netherlands, Australia and
Mr Senior said the group's business case resonated well with
the investment community as reflected in the final price,
which was just below the midpoint of the indicative range of
$2.10 to $2.70 a share.
''At this price, the offer was more than two times covered -
showing a strong level of support from investors. In
particularly, they have demonstrated confidence in our
management team and our strategy to become a broader global
film industry software company,'' he said.
The offer opened yesterday and closes on August 1. Vista was
expected to start trading on the NZX and ASX on August 11.
The local stock market is experiencing a flurry of listings
after receiving a boost last year from the Government's
partial privatisation of energy companies and a further
sell-down of Air New Zealand. Last month, Gentrack Group, the
utilities and airport software provider, and Serko, the
travel booking system company, debuted.
Next week, IkeGPS Group, which sells a range of portable
measuring devices, is due to list. Other upcoming July
listings include Scales Corp, the fruit packager and
exporter, and Metro Performance Glass, New Zealand's largest