The New Zealand Exchange has decided on a final price of $3.60 for shares in its initial public offering.
NZX said in a statement today it considered $3.60 per share was appropriate based on current trading of the shares and rights, advice from institutions and pricing indications from institutions.
"The
final price of $3.60 per share is above the indicative range which was shown in the combined investment statement and prospectus dated June 3.
"The board reserved the right to set the final price outside the indicative price range."
After first trading on the main board earlier this month at $4.30, NZX shares closed on Friday at $4.05.
The corporatised former mutual plans to raise US$15 million, roughly doubling its 6.62 million shares on issue, through an IPO and a rights offer.
The IPO, accounting for $10 million, was given an indicative price range of $2.50 to $3.25 a share.
Allotments of ordinary shares under the rights issue will be made on July 9, along with allotments of new shares under the IPO.
- NZPA
