Vista Group IPO


Vista Group

Lead manager: Macquarie Capital

Cinema software developer Vista Group has notched up outstanding share price gains since its sharemarket listing last August.


The Auckland-based company, whose technology is used to manage cinema operations in more than 60 countries, raised $92 million through its initial public offering.

That included $40 million of new capital earmarked for repaying debt and bankrolling acquisitions, as well as funding the firm's ambitious growth plans.

Vista shares have more than doubled in value since the IPO, and its market capitalisation is nudging $400 million.

Over the past few months the firm - which holds a roughly 40 per cent share of the world's large-cinema market - has unveiled a string of deals, including acquisitions and the introduction of its technology to China.

Vista announced this month its data analytics subsidiary, Movio, had signed a deal with the second-largest theatre chain in the US, AMC Theatres. Movio is involved in big data analytics - the collection of information from cinemas, for use in marketing - and the deal will result in its technology being installed in AMC's 347 locations in the US.

The Infinz judges said Vista, founded in 1996, was an exciting addition to the NZX.

"In 2014, Vista achieved about twice as many new cinema installations as it had achieved in 2013," they said. "It has comfortably exceeded its prospectus forecasts."

Vista chief executive Murray Holdaway said Macquarie Capital had done an incredible job of running the IPO: "Prior to the IPO, we probably could have sold our company to a myriad of international investors but we really wanted to keep it as a New Zealand company," he said. "I really want to thank the New Zealand funds that jumped in behind us - that includes people like Devon, Salt, Harbour Asset, Pie Funds, Milford and Aspiring."

Vista reported a full-year profit of $4 million in February - 17 per cent above its prospectus forecast of $3.4 million. Revenue of $47.2 million was 4.4 per cent above expectations.