dingoNZ
20-06-2014, 01:03 PM
Per the Herald article, Scales a CHCH based Agribusiness is planning an IPO next month.
ACC and NZ Super fund plan to remain majority holders and Direct Capital Investments will reduce their holding. Indicative pricing will be between $1.60-$1.85. Prospectus attached in Herald article. Anyone happen to have any previous knowledge of these guys/dealt with them before?
- From the Herald:
Christchurch agribusiness company Scales said it had registered a prospectus for an initial public offering (IPO) and sharemarket float, with the shares to be priced in an indicative $1.60 to $1.85 per share range. The company expects to list on the NZX on July 25.The offer is expected to raise between $132 million to $175 million.
The IPO comprises an offer of up to 100.8 million shares, raising up to $30 million of new capital for future expansion.
In addition, majority shareholder Direct Capital Investments will sell down from its current 84 per cent shareholding, but together with its co-investors the New Zealand Superannuation Fund and ACC, will retain a cornerstone shareholding of 20 to 30 per cent, the offer documents said.
Based on the indicative price range, the company's market capitalisation will be between $221 million and $251 million. The final offer price is expected to be set on July 4 at the completion of an auction-style book building process involving New Zealand brokers and institutional investors.
The joint lead managers for the offer are First NZ Capital and Deutsche Craigs. There will be no public pool.
The Scales offer is one of a handful of local share offers that are either in train or on the final planning stages, prompted by the share market's very strong performance over the last two years.
Scales, which was once part of failed finance company South Canterbury Finance, is 84 per cent owned by Auckland-based Direct Capital, through its Direct Capital IV and Pohutukawa II funds as well as co-investment partners the NZ Superannuation Fund and ACC.
The rest of the company is held by senior management team members and 400 other investors.
About 60 per cent of Scales' earnings come from the apple industry, 30 per cent from logistics and 10 per cent from ingredients.
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11278088&ref=rss
ACC and NZ Super fund plan to remain majority holders and Direct Capital Investments will reduce their holding. Indicative pricing will be between $1.60-$1.85. Prospectus attached in Herald article. Anyone happen to have any previous knowledge of these guys/dealt with them before?
- From the Herald:
Christchurch agribusiness company Scales said it had registered a prospectus for an initial public offering (IPO) and sharemarket float, with the shares to be priced in an indicative $1.60 to $1.85 per share range. The company expects to list on the NZX on July 25.The offer is expected to raise between $132 million to $175 million.
The IPO comprises an offer of up to 100.8 million shares, raising up to $30 million of new capital for future expansion.
In addition, majority shareholder Direct Capital Investments will sell down from its current 84 per cent shareholding, but together with its co-investors the New Zealand Superannuation Fund and ACC, will retain a cornerstone shareholding of 20 to 30 per cent, the offer documents said.
Based on the indicative price range, the company's market capitalisation will be between $221 million and $251 million. The final offer price is expected to be set on July 4 at the completion of an auction-style book building process involving New Zealand brokers and institutional investors.
The joint lead managers for the offer are First NZ Capital and Deutsche Craigs. There will be no public pool.
The Scales offer is one of a handful of local share offers that are either in train or on the final planning stages, prompted by the share market's very strong performance over the last two years.
Scales, which was once part of failed finance company South Canterbury Finance, is 84 per cent owned by Auckland-based Direct Capital, through its Direct Capital IV and Pohutukawa II funds as well as co-investment partners the NZ Superannuation Fund and ACC.
The rest of the company is held by senior management team members and 400 other investors.
About 60 per cent of Scales' earnings come from the apple industry, 30 per cent from logistics and 10 per cent from ingredients.
http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11278088&ref=rss