The newest company on the stock exchange has had a strong debut.
The Port of Napier listed at $2.91, a 12 percent premium to the $2.60 issue price. The stock has settled at about $2.99.
The sharefloat was the first significant listing on the NZX in more than two years, and demand was expected to be strong given the tight supply of stock.
The Hawke's Bay Regional Council is retaining a 55 percent stake, while local residents, staff and iwi were given a preferential 20 percent allocation.
"We've secured the funding that Napier Port needs to invest in its future growth for the benefit of our region, including our primary producers, exporters and importers," Council chairperson Rex Graham said.
"We've protected ratepayers from the costs of Port development, retained majority ownership and control of a key strategic regional asset, and diversified the Regional Council's income streams to better manage risk on behalf of all ratepayers."
The $234m proceeds are being used by the Council to pay down debt, fund new wharves and facilities at the port, and environmental projects around Hawke's Bay.