By PAUL PANCKHURST
Sharebroker ABN Amro Craigs yesterday said 57-store retail chain PostiePlus could be offered up for a sharemarket float before the end of September.
Sharebroker Neil Craig said plans were well advanced and the owner, Dellaca Group, would make a final decision within a month.
"That will be based on
market conditions and business decisions - and that's really all that we can confirm."
The market expects a partial float, with the new capital helping to fund continued expansion.
The two other operations sitting behind the flagship brand are Auckland retail icon Rendells - acquired in February - and a fledgling retail chain called Baby City.
They too would be part of a float.
Craig said a listing would see PostiePlus join the main board of the stock exchange - indicating a market capitalisation of at least $30 million. PostiePlus is Christchurch-based.
Dellaca has described itself as "New Zealand's largest private retail company".
In March, managing director Paul Young told the Business Herald: "If we were to list, we would not be in the league of Briscoes but, certainly, we are similar to a retailer like Michael Hill."
At that stage, he said, the company was negotiating more retail acquisitions.
Besides acquisitions, the plans he outlined then included modernising Rendells and doubling the seven stores within a year.
A Baby City outlet at Botany Downs, described as the largest nursery specialist in the country, was a prototype for up to 15 stores within two years, he said. PostiePlus, with its 57 stores, was a "mature brand".
Dellaca is a family company that grew out of Westport. It is 92 years old.
