Shares in Stride Property offshoot Investore Property spiked 8.7 per cent from their offer price of $1.49 to $1.62 in the first 20 minutes of the newly listed company's shares commencement of trading on the NZX this morning.
Some 3.26 million shares changed hands in early trading.
Still 19.9 per cent-owned by Stride, the Investore float raised $189 million in a bookbuild that priced the shares at the top of end of the range of between $1.37 and $1.49 a share, which saw Stride shareholders issued Investore shares on a one-for-four ratio to give them between 33.4 per cent and 38.2 per cent of the company.
Proceeds of the float are to assist Investore in the $267 million acquisition of 14 Countdown supermarkets, which will form part of the real estate investor's 39 large format retail properties portfolio.
The Investore float is one of only a handful of initial public offerings to come to the NZX mainboard this year, with NZME demerged from APN News & Media last month to trade on a standalone basis, and the float of the Tegel chicken processing business in May.
Reflecting the divestment, Stride shares traded 16 percent lower this morning at $1.97.