23 May 2014

Intueri Education finishes at $2.35

9:25 pm on 23 May 2014

Shares in Intueri Education began trading on the Stock Exchange at $2.63, 28 cents above the sale price in its float, and continued rising.

The Australian-listed owner of the private vocational education business had indicated it would sell up to 85 million shares at up to $2.75 per share.

However, it ended up selling just over 75 million with the $2.35 per share price at the bottom end of its hoped-for range.

Australian company Arowana now owns 25 percent.

Intueri chief executive Rob Facer said the offer was still heavily oversubscribed and he was very happy with the stock's debut.

Mr Facer said shareholders could look forward to robust growth.

The New Zealand part of the operation, which accounted for two thirds, was growing at 7 to 10 percent per annum organically while there were further opportunities in acquisitions.

"We're operating in a very fragmented sector - there's 600 registered PTEs."

Mr Facer said the company also had opportunities to grow internationally and online.