Scales Corporation – an agribusiness specialist with a significant land, sea and air logistics component – has completed its Initial Public Offering this week, raising $149 million and joining the NZX.
The stock in the horticulture, storage and logistics and food ingredients business was issued at $1.60 valuing Scales at $224 million.
Scales Corporation managing director Andy Borland says the issue has been well supported and the listing represents an excellent result for all concerned.
“We received very strong support from institutional investors and NZX Firms with demand significantly exceeding the size of the offer at the final offer price and we are very pleased with the shareholder spread,” says Borland.
“We welcome 12 domestic institutions, several global agriculture funds and retail clients from all of the major NZX broking firms as investors.
“We are particularly delighted that around half the offer has been subscribed to by retail investors – New Zealanders who see the value of a portfolio containing a strong, export-focused agribusiness.”
Direct Capital Investments Limited, together with its co-investors the New Zealand Superannuation Fund and ACC, has retained a cornerstone shareholding of 20 per cent in Scales following the listing.
