By PAUL PANCKHURST
Repco, the largest car parts and accessories chain in Australia and New Zealand, idled quietly on to the stock exchange yesterday.
Trading in the company's shares on the New Zealand exchange started at $3, hit a low of $2.90 and closed at $2.93 - a fall for
the day of 2 per cent.
In Australia, where most of the company's shares are held, it kicked off at A$2.59 - down from an issue price of A$2.65.
"It might be that the new-issue market in Australia is saturated," said ASB Securities head of advisory Stephen Wright.
He said it was "a disappointing debut".
The Australian market has softened slightly in the month since the issue was priced.
NZ stock exchange chief executive Mark Weldon said Repco was expected to sit at 30 to 40 in the rankings of the NZSX50 index.
Its market capitalisation yesterday was $488.7 million.
The company raised $458 million in the float.
Three private equity investors - Gresham Private Equity, GS Private Equity, and Macquarie Direct - sold out completely.
The directors and management of Repco sold down from a 17 per cent stake to 8.4 per cent.
The vendors bought Repco from Pacific Dunlop in August 2001 for A$252 million ($285 million).
In New Zealand, the retail side of the offer was available only through First NZ Capital Securities and ABN Amro Craigs.
