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Investore shares spike on listing

NZN 12/07/2016 Pattrick Smellie

Shares in Stride Property offshoot Investore Property spiked 8.7 per cent from their offer price in the first 20 minutes of the newly listed company's shares commencement of trading on the NZX.

Some 3.26 million shares changed hands in early trading lifting its price from $1.49 to $1.62.

Still 19.9 per cent-owned by Stride, the Investore float raised $189 million in a bookbuild.

Stride shareholders issued Investore shares on a one-for-four ratio to give them between 33.4 per cent and 38.2 per cent of the company.

Reflecting the divestment, Stride shares traded 16 per cent lower at $1.97.

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