Metroglass Trades Three Percent Higher on Listing
Metro Performance Glass opened the session on a positive note on the listing day. The company sold the stock at $NZ1.7 during the recently concluded initial public offer. The stock listed at the New Zealand stock exchange at $1.75.
The company raised $230.5 million during the IPO. The holding of major shareholders has reduced to 18.5 percent after the public offer. The company has repaid major portion of its debt with the funds raised from IPO. The company currently carried a net debt of $50 million.
The largest glass maker in New Zealand is the seventh company to successfully raise funds from the New Zealand primary market this year. The issue was oversubscribed two times as the shares were fairly valued.
The company owns more than 50 percent market share in the local market. Metro Performance Glass processes over two million square meters of glass every year.
The company shares have been listed on both NZX and ASX. The company management has given positive guidance for next year and expects to pay a dividend of 3.6 cents during year 2015.
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