Energy Mad, which makes and markets energy-efficient light bulbs, gained a waiver from NZX listing rules after its initial public offering failed to attract the minimum 500 shareholders.
The company raised $5 million in its IPO, selling shares at $1 apiece, after extending the deadline for the sale by two weeks. It attracted 445 new shareholders deemed 'members of the public' and had 15 existing holders, making 460.
The shares haven't begun trading yet in their debut today and were being bid at 80 cents, according to Reuters.
The family holdings of founders Chris Mardon and Tom Mackenzie will own a combined 56 per cent of the stock and don't qualify as members of the public.
Mardon and Mackenzie can't sell shares until 12 months after they're first quoted on the NZX though both have indicated they're then willing to sell up to 2 million shares apiece if required to lift the total shareholder pool to 500.
NZX Market Supervision granted the waiver for 18 months, saying the purpose of the listing rule is to promote a liquid market and the number of shareholders is likely to grow once the shares begin trading.
Energy Mad had intended to raise up to $10 million if Mardon and Mackenzie sold down their holdings. In the event, no existing shares were sold in the IPO.
Woodward Partners and Bell Gully advised Energy Mad during the IPO.