New Zealand\u2019s Napier Port has completed its NZD 234 million (around USD 150 million) initial public offer (IPO) that would enable the port to fund its long-term investment program. <\/p>\n\n\n\n
A listing ceremony was held at the port\u2019s Breakwater Road site in Napier on August 20.<\/p>\n\n\n\n
After ringing the bell to welcome in trading of the port\u2019s shares on the New Zealand\u2019s Exchange (NZX) under the ticker \u2018NPH\u2019, Chairman Alasdair MacLeod said the success of the IPO would allow investment in the port infrastructure.<\/p>\n\n\n\n
\u201cThanks 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,\u201d MacLeod commented.<\/p>\n\n\n\n
\u201cMeanwhile, 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\u2019s Bay\u2019s prosperity.\u201d<\/p>\n\n\n\n
In the IPO, Napier Port offered 90 million shares, representing a 45% stake in the company. All shares in the IPO were issued at the final price of NZD 2.60 per share, raising NZD 234 million for the port and its former 100% shareholder Hawke\u2019s Bay Regional Council.<\/p>\n\n\n\n
Of the capital raised, NZD 110.2 million is to be used to repay the port\u2019s existing debt and provide cash and undrawn debt facilities sufficient to meet the port\u2019s future capital requirements, including the construction of 6 Wharf. A further NZD 107.9 million of the capital raised in the IPO has enabled the Hawke\u2019s Bay Regional Council, to realize a portion of its investment in the port.<\/p>\n\n\n\n
Yesterday was a good day for New Zealand\u2019s capital markets! With the combined capital raised between the IPO of @NapierPort and @ASBBank’s $600m debt issue, over one billion dollars was listed on the New Zealand Stock Exchange in a single day! pic.twitter.com\/E4lI91O692 \u2014 NZX Limited (@NZXGroup) August 21, 2019
\nOn listing, Napier Port is approximately 90% New Zealand owned.<\/p>\n\n\n\n
At the ceremony, Todd Dawson, Chief Executive, said he was delighted with the broad support for the IPO and the port\u2019s longer-term investment plans.<\/p>\n\n\n\n
\u201cNapier Port thrives when the region thrives. It is for this reason that we have a strategic purpose of building a thriving region by connecting our customers and community to the world,\u201d he said.<\/p>\n\n\n\n
\u201cOur new wharf will become a vital part of the networked infrastructure we manage; easing congestion, allowing us to host the larger container and cruise ships that are already visiting, extending our container capacity and giving us new options to manage diverse cargos,\u201d Dawson continued.<\/p>\n\n\n\n
Napier Port is New Zealand\u2019s fourth-largest port by container volume.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Zealand\u2019s Napier Port has completed its NZD 234 million (around USD 150 million) initial public offer (IPO) that would enable the port to fund its long-term investment program. A listing ceremony was held at the port\u2019s Breakwater Road site in Napier on August 20. After ringing the bell to welcome in trading of the …<\/p>\n","protected":false},"author":1,"featured_media":2645,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20,59],"tags":[505,504],"class_list":["post-2644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-port-news","tag-napier-port","tag-new-zealand"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/2644","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=2644"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/2644\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/2645"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=2644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=2644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=2644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}