Investore stags 8.7% on listing
Shares in Stride Property [NZX: STR] offshoot Investore Property [NZX: IPL] spiked 8.7% from its offer price of $1.49 to $1.62 in the first 20 minutes of the newly listed company's shares commencement of trading on the NZX this morning.
Some 3.26 million shares changed hands in early trading.
Still 19.9%-owned by Stride, the Investore float raised $189 million in a bookbuild that priced the shares at the top of end of the range of between $1.37 and $1.49 a share, which saw Stride shareholders issued Investore shares on a one-for-four ratio to give them between 33.4% and 38.2% of the company.
Proceeds of the float are to assist Investore in the $267 million acquisition of 14 Countdown supermarkets, which will form part of the real estate investor's 39 large format retail properties portfolio.
The Investore float is one of only a handful of initial public offerings to come to the NZX main board this year, with NZME demerged from APN News & Media last month to trade on a standalone basis, and the float of the Tegel chicken processing business in May.
Reflecting the divestment, Stride shares traded 16% lower this morning at $1.97.