Napier Port announces the final price of its initial public offer (IPO) at $2.60 per share which is at the top of the
indicative price range.
Napier Port Chair Alasdair MacLeod says: “Napier Port is pleased with the results of the bookbuild which was
significantly over-subscribed with strong support from Hawke’s Bay, New Zealand and international investors. This
positions Napier Port well for its planned debut on the NZX later this month and for the long term.”
Allocations to the priority pool, institutional investors and NZX firms reflected several objectives, including
providing a priority allocation to Hawke’s Bay, building a quality register of shareholders to support the Port
post-listing and setting the Port up for success in the longer term.
“Hawke’s Bay Priority Offer groups have been allocated 20% of the shares on offer. Close to 90% of applicants received
their application in full, with only those who requested over $10,000 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 will be approximately 90% New Zealand owned .”
The strong level of total demand has meant that material scaling has been necessary across all investor groups.
Napier Port has now allocated shares to NZX firms who are participating in the Broker Firm Offer. Clients of
participating NZX firms are able to apply for shares with their brokers under the Broker Firm Offer, which closes at
5.00pm (NZT) on 16 August 2019 (full details are available online at: www.napierportshareoffer.co.nz). There is no
public pool of shares available in the Broker Firm Offer.
Napier Port plans to allot shares to all successful applicants to the IPO on Monday 19 August 2019. Trading of the
shares is planned to commence following the official listing of Napier Port on the NZX Main Board and the opening of
trading on Tuesday 20 August 2019.