Shares in Trade Me have continued to perform strongly since the company listed last December, but shares in another market newcomer, Summerset, have not fared quite so well.
Trade Me shares, which were issued at $2.70 - the top end of an indicative $2.40 to $2.70 range and considered by fund managers to be fully priced - have been as high as $3.05.
Since shares in the online trading platform debuted on the share market on December 13 the stock, which is controlled by Australasian publisher Fairfax, has rarely shown signs of weakness, closing today at $3.
The same cannot be said for shares in retirement village owner operator, Summerset, which were issued at $1.40. Upon listing on November 1, the stock hit $1.45, but it has since traded at a slight discount to its issue price. They finished today at $1.32, having hit $1.30 earlier in the week.
Investors will not read much into Summerset's price weakness but they will keenly await the company's result for its 2011 financial year, due in late February, for confirmation that its prospectus earnings forecasts will be met.
Summerset, in its offer documents, forecast a net profit of $5 million for calendar 2011, followed by a net profit of $13.3m for the current year.
The Summerset issue raised $123.6m, which at the time was the largest initial public offer seen in New Zealand for more than two years.
Funds controlled by Australia's Quadrant Private Equity continue to hold about 56 per cent of Summerset.
Chorus, which encompasses Telecom's network business, was the third big issue to hit the market late last year, although it did not involve raising any fresh capital.
Upon separation from Telecom in late November, Chorus listed at $2.94 and went on to hit a high of $3.40. The stock has eased back a little, and last traded at $3.19.
A familiar name on the NZX's boards, retirement home operator Metlifecare, has performed strongly since its $100m share issue and placement, which was pitched at $2.10 a share, with the stock last trading at $2.26.
At the lower end of the IPO scale, Energy Mad - the energy-efficient lightbulb company - last traded at $0.80, down from its $1 a share issue price, and their post-float peak of $1.05.
Energy Mad raised $5m from its share float last October.
