30 Jul 2014

Metro Glass debuts on stock market

2:08 pm on 30 July 2014

The the company's offer had attracted strong demand.

New Zealand's largest glass manufacturer has become the seventh company to list on the NZX this year.

Shares in Metro Performance Glass began trading at $1.75 on Wednesday, a small premium to the issue price of $1.70.

The company counts its initial public offer as a success, even though the issue price, which values the company at $314.6 million, was set near the bottom of the range it hoped to achieve.

Despite the price, the company's offer attracted strong demand, being more than two times oversubscribed.

Metro chief executive Nigel Rigby said the company's success was based on its ability to deliver customised products with short-lead times throughout New Zealand.

It processes more than two million square metres of glass per year and claims more than 50 percent of its market.

Mr Rigby said Metro Glass was also well placed to take advantage of future opportunities as there had been substantial ongoing capital investment in the company.