Napier Port is now open for trading on the NZX main board following an initial public offering (IPO) to eligible investors.
The port’s final IPO price of $2.60 per share was at the top of the indicative price range with 90 million shares raising $234 million.
Napier Port chair Alasdair MacLeod says the bookbuild “was significantly over-subscribed with strong support from Hawke’s Bay, New Zealand and international investors”.
Of the eligible port employees, 97% took up the priority offer. Four of the eligible iwi groups participated, receiving a priority allocation.
Following the listing, Napier Port will be around 90% New Zealand owned.
Of the capital raised, $110.2 million will be used to repay the port’s existing debt and provide capital to meet the construction of a new multi-purpose wharf.
Napier Port is New Zealand’s fourth largest port by container volume and provides a range services including bulk cargo and cruise.
