Recommended NZ | Guide to Money | Gimme: Competitions - Giveaways

Trade Me announces successful completion of IPO

Contributor:
Fuseworks Media
Fuseworks Media

Trade Me Group Limited ("Trade Me") is pleased to announce the successful completion of its initial public offering ("IPO"). Trade Me will now become a stand-alone company, publicly listed on both the NZSX and ASX under the ticker "TME".

The IPO raised a total of NZ$363.5 million and a total of 134.6 million shares have been issued to new investors (including those issued to Trade Me staff under the Executive Share Plan). Fairfax Media will hold the remaining 66% of the shares in Trade Me.

Trade Me chairman David Kirk said the offer attracted strong support from a wide range of institutional and retail investors.

"We have a strong and diverse range of shareholders including Trade Me members, mums and dads, institutions, and Trade Me staff. We're looking forward to serving these investors well in the years ahead. We're also looking forward to the start of trading today, and taking the next exciting step in Trade Me's evolution."

Jon Macdonald, CEO of Trade Me, said it was great giving New Zealanders the chance to own shares in a website many of them know and use, but it was back to business as usual for the team at Trade Me. "As we've said throughout the IPO process, being publicly listed will not change our focus on providing safe and trusted marketplaces for Kiwis to buy and sell."

Trading in Trade Me shares will begin today at 12pm New Zealand time.

Upon listing, Trade Me will have a market capitalisation of approximately NZD$1.07 billion based on the offer price of NZ$2.70 per share.

All articles and comments on Voxy.co.nz have been submitted by our community of users. Please notify us if you believe an item on this site breaches our community guidelines.