Napier Port’s shares commence trading on the NZX
Napier Port (NZX.NPH) today marked the successful completion of its $234 million initial public offer (IPO) with a listing ceremony at the Port’s Breakwater Road site in Napier, the company said in its release.
After ringing the bell to welcome in trading of the Port’s shares on the NZX under the ticker ‘NPH’ this morning, Chairman Alasdair MacLeod said the success of the IPO would allow investment in the infrastructure necessary for the Port to extend its 150-year record of supporting economic growth in the region.
Port employees, residents, non-resident ratepayers and iwi, which were granted priority entitlements in the IPO were allocated 20% of the shares on offer. Close to 90% of the 7,591 applicants in the priority offer received their application in full, with only those who requested over $10,000 of shares having their applications scaled.
Of the eligible Port employees, 97% took up the priority offer. Four of the eligible iwi groups participated, receiving a priority allocation. On listing, Napier Port is approximately 90% New Zealand owned.