Napier Port is due to list on the NZX today at 11.30am after an initial public offer (IPO) raised $234m earlier this month.

The stock will be just the second new equity IPO to list this year after cannabis research company Cannasouth's debut in June.

Cannasouth shares, which listed at 51c, slumped almost immediately. They last traded at 35c.

Napier Port shares were priced at the top of a $2.27-$2.60 indicative range and the issue was "significantly oversubscribed" during the IPO process.


The $234m will be used to pay off debt and to build a new wharf.

Hawke's Bay priority offer groups have been allocated 20 per cent of the shares on offer.

Of the eligible Port employees, 97 per cent took up the priority offer.

On listing, Napier Port will be 90 per cent New Zealand-owned.

Scaling across all investor groups was required.

As a result of the issue, the port's current owner, the Hawke's Bay Regional Council, will see its holding fall to 55 per cent.

The final price of $2.60 per share implies a market capitalisation of Napier Port of $520m on listing.

The offer was lead managed by Deutsche Craigs and Goldman Sachs, with Forsyth Barr as co-manager.