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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 oversubscribed.
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.