Sharemarket float pipeline continues to fill despite push-back by fund managers on pricing.

The initial public offering pipeline is continuing to build, despite some recent hiccups, with Auckland-based software firms Wherescape and Orion Health advancing their plans to float on the sharemarket, according to market sources.

Metro Performance Glass yesterday confirmed a $1.70 issue price for its listing, which will raise $244.2 million and value the company at $315.6 million when it floats on the NZX and Australia's ASX.

Trading is expected to commence on July 30. The private equity owners of Metro and Scales Corporation - a Christchurch-based fruit marketer that expects to list on July 25 - had to accept final offer prices at the bottom end of their indicative ranges after receiving strong "push-back" on pricing from fund managers.

Equipment rental firm Hirepool withdrew its IPO late last month after institutional investors rejected the price range being sought.


But market insiders say there is still plenty of appetite for listings, particularly those that do not involve significant private equity sell-downs, which often attract scepticism because such investment firms tend to buy low and sell high.

Metro chief executive Nigel Rigby yesterday said the company was well placed to deliver earnings growth.

A source said documentation for Wherescape's offer was being prepared and a listing announcement was drawing closer.

Wherescape develops data warehousing products that allow organisations to store, organise and access large amounts of information.

Chief executive Michael Whitehead said in January that the company, whose revenue was understood at that time to be around $18 million, had been profitable since it was founded in 2002.

Another source said a long-anticipated listing from Orion Health could take place in October or November.

Chief executive Ian McCrae confirmed last week that the firm - whose cloud-based software allows doctors to store and look up patient records online - was having talks with First NZ Capital and Deutsche Craigs over a possible listing.

Orion recently said it could raise capital through an NZX main board listing.


"Whether the company goes ahead with that process - and the exact timing - is still to be determined as it will depend, among other things, on market conditions," Orion said.

Software firms Eroad and Vista Group have confirmed listing plans and expect to float next month, while mobile payments provider Pushpay is targeting an NZAX compliance listing this month.

IkeGPS, which develops technology for measuring and geo-locating objects, expects to list on July 23.