Rua Bioscience debuted on the New Zealand stock exchange yesterday, becoming the only NZX-listed company headquartered in Tairawhiti and the first founded by a Maori community.
Within the first hour Rua had reached a value of $100 million.
The occasion was celebrated at an event at Uepohatu Marae in Ruatorea and a celebration at the NZX office in Auckland.
Rua director and co-founder Panapa Ehau blew on a conch shell to mark Rua going live on the NZX at 11am.
Manu Caddie, co-founder and kaihautu innovation and regulation at Rua Bio said the day had been a neat time just being able to reflect and celebrate.
“It has been exciting to see the share price jump.”
It started at 50c and had gone up to 70c within the first 10 minutes.
“It’s good to see there’s strong support already.
“We always had ambitions that it would become a successful company, we still have some way to go. This is another step, in many ways, to revenue and a really sustainable company.”
There were a few more milestones for Rua Bio, Mr Caddie said.
“There is the GMP pharmaceutical audits that have to be completed this year and then getting sample product sent to Germany.”
Mr Caddie said, “it’s important to acknowledge local supporters who took the biggest risk early on, who have doubled their shares already.
“We are all humbled by their support, it has been awesome.”
Rua CEO Rob Mitchell said he was pinching himself.
“I Joined in February, my first part of interaction was in October last year — that first interaction with Panapa and Manu and the rest of the board, I knew there was something special here.
“I was blown away by their knowledge and understanding. I got hooked and here I am six months later.”
It had been a significant day going on the stock exchange.
“It’s a bit scary and a bit nervous, but it’s good nervous.”
The day was about “celebrating the milestone and work we have done”. “It’s nice to see our name on the ticker board and know we are there and trading.”
Panapa Ehau, co-founder and director, said it was a massively humbling experience being able to bring the NZ stock exchange to this whare in Ruatorea.
“This is because of the men who fought and went to war to lay foundations to be able to do this.
“All the excitement is setting in.
“Right from the outset, no one had done this — I thought it was either brave or stupid to do it. So being able to do things like this is beyond our wildest dreams.
“I am very happy today.
“Rua’s community is at the heart of its journey and success, and it is important for us to acknowledge those people who have been there from the beginning; we have built community into the DNA of Rua, and are committed to continuing to attract more talent back to the region, and create economic development opportunities for Tairawhiti.”
The listing follows a fully-subscribed Initial Public Offering this month that raised $20 million of new capital to fund Rua’s next stage of development, support the achievement of sustainable revenue and accelerate growth.
Rua had an implied market capitalisation on listing of $70m based on an issue price of $0.50 per share.
Twenty-five percent of shares were allocated through a priority offer for Tairawhiti residents, Waiapu Investments shareholders and other people closely associated with the business. About 86 percent of Tairawhiti and Waiapu applicants received their share application in full, with only those who applied for over $5000 of shares being scaled.
Remaining shares were allocated to a small number of NZ institutions and to brokers on behalf of New Zealand retail clients.