Napier Port to hold public briefing on planned IPO

A planned 45 per cent of the wharf is set to be sold off to help fund the development of the wharf in the future. Photo / File

Napier Port is holding a public briefing on the company's proposed initial public offer (IPO) and listing on the NZX Limited's Main Board.

The meeting will take place at 3pm on Tuesday July, 16 at the Century Theatre in Napier and the public are welcome to attend.

At the meeting, Napier Port chairman Alasdair MacLeod will welcome guests before presentations from chief executive Todd Dawson and chief financial officer Kristen Lie on the planned IPO and Napier Port's aspirations for the future.

MacLeod said that they are in the final stages of potentially setting up something to push the public sale over the line.

"After many months of work and careful planning, we are in the final stages of preparation for the offer," MacLeod said.

"This includes drafting of a product disclosure statement (PDS), which sets out all the material information potential investors in the port will need to know about the company. We look forward to telling our story more broadly once the PDS is released to the public."

Napier Port chief executive Todd Dawson said locals were getting priority because the port's owner, the Hawke's Bay Regional Council, was keen for local ownership.

"Locals really understand and value what the port has got to contribute to the local economy," he said.

Residents and non-resident ratepayers can buy at least $2000 worth of shares.

Port employees will be offered an interest free loan of $5000 to buy a larger stake in the port, which is experiencing consistent growth.

Dawson said the 45 per cent sale of the port would primarily fund a new wharf.

The event is not ticketed, but seating at the venue is only restricted to 330.