Hamilton biotechnology company BioVittoria has extended the availability of its $20 million $1 per-share initial public offering a second time because of the large numbers of investment options in the market place.
The offer was to have closed on November 25, then December 11, but was yesterday extended to December 29, with trading scheduled for early-January.
Craigs Investment Partners broker Chris Timms said there were "large numbers of investment opportunities out there at present" for investors which were affecting BioVittoria's ability to "gain traction" for its float.
He cited capital restructuring by companies such as Fisher & Paykel Appliances, PGG-Wrightson and Pyne Gould Group, plus senior rate fixed-interest bonds, senior debt issues and bank issues.
BioVittoria's financial advisers said in a market statement yesterday the company was "moving towards its minimum subscription level", but the timing of the share offer "unfortunately coincided with lot of major offers which has meant investors have been considering the many options available to them".
The funds raised would be used for more development and commercialisation of BioVittoria's PureLo sweetener which is extracted from Luo Han fruit in China.
