New Zealand's Napier Port successfully completed its $234 million initial public offer (IPO) with a listing ceremony at the Port’s Breakwater Road site in Napier.
After ringing the bell to welcome in trading of the Port’s shares on New Zealand Exchange (NZX) under the ticker ‘NPH’ on August 20, 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.
“Today is the culmination of a 5-year journey that has seen the Port, Hawke’s Bay Regional Council and the broader community working in close partnership towards a shared goal,” MacLeod said.
“Thanks to the IPO, Napier Port can continue to invest in improving capacity. That includes the development of the multi-purpose 6 Wharf on the north side of the existing container terminal which will allow the Port to support regional growth for the long term.
“Meanwhile, the Regional Council has reduced its financial exposure to Port growth and gained the capital for investment in the broader needs of the region, including the environmental protections that support Hawke’s Bay’s prosperity and make it such a great place to live and work.
“The strong demand we’ve seen for a share in Napier Port from our own people, iwi, our community and from investors further afield demonstrates the broad support for our plans and the confidence all stakeholders have in the Port. It also helps cement the partnership between the port and our 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.