Kiwi Property shares halted for retail bookbuild
Retail bookbuild halts Kiwi Property Group's shares.
Shares in Kiwi Property Group [NZX: KIP], the country's biggest listed property investor, have been halted for the final leg of its one-for-nine entitlement offer to raise $151.9 million for the Sylvia Park expansion and to repay bank debt.
The Auckland-based company says about $42 million has been raised in the retail entitlement offer component of its capital raising, leaving about 33 million of the 68 million shares available for the retail bookbuild, which opens at 10am and is expected to close at 1pm today.
Credit Suisse (Australia) Limited and First NZ Capital Securities are the joint lead managers and are fully underwriting the offer.
The application price of the shares is $1.20, a discount to their most recent trading price of $1.255. The retail offer follows an institutional bookbuild last month that established a clearing price of $1.21. Up to 126.5 million shares were available in the full offer.
(BusinessDesk)
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Kiwi Property shares halted for retail bookbuild
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