12 Apr 2010

Ecoya optimistic over investor interest

10:24 am on 12 April 2010

Two weeks before its share float closes, luxury scented candle and fragrance firm Ecoya says it already has the support of some institutional investors.

In the first listing of the year, Ecoya plans to raise up to $13 million through an initial public offering (IPO) to fund the company's expansion in Australia, Asia and the United States.

Ecoya says more than 500 former shareholders of the company 42 Below have expressed an interest in about $5 million worth of shares. It also expects to secure two or three institutional investors.

The company's board includes former Walt Disney Studios president Rich Frank, and the listing will also see Air New Zealand's head, Rob Fyfe, and Australian designer, Collette Dinnagan, become directors.

Only 15% of Ecoya's shares have been earmarked for the public, with the remaining set aside for institutions, the company's directors and certain private investors.

Ecoya hopes to list on 3 May.