New Zealand is getting its biggest IPO with Napier listing

The island nation of New Zealand will be getting its biggest listing in more than two years as Napier Port Holdings said it will be launch an initial public offering, IPO.

Napier operates the fourth largest port by container volume in New Zealand said it will look to raise about Z$234 million which is $150.65 million in real time forex conversion.

According to Reuters, the company stated in its prospectus that the IPO will be executed with a NZ$520 million market valuation through the NZ$2.60 a share offer, which is at the top of the indicative price range, making it the country’s biggest public offering since Oceania Healthcare rang the bell in 2017.

Napier handles over 5 million tonnes of cargo per year according to data compiled by Reuters. The IPO is being managed by Deutsche Craigs, Goldman Sachs and Forsyth Barr.