Company raises $14.9m to list on the stock market

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Governor of Reserve Bank Arif Ali (left) with Managing Director Port Denarau Marina, Nigel Skeggs during the MOU signing at GPH yesterday. Picture: RAMA

THE newest entity to list on the stock market successfully raised $14.9 million through its initial public offering (IPO) subsequent to which it yesterday listed 40million ordinary shares on the South Pacific Stock Exchange’s (SPX) main board at a listing price of $1.31.

Port Denarau Marina Ltd (PDM) managing director Nigel Skeggs said the future looked bright for the marina and confirmed that majority of the 601 initial shareholders were local investors.

According to the SPX, during its first trading day a total quantity of 11,640,943 shares at a price range of $1.26 to $1.40 were executed in 608 trades.

The SPX also confirmed that PDM closed its first trading day at a price of $1.40 (+$0.09 or +6.87 per cent) accruing an aggregate market capitalisation value of $56m and represented 1.54 per cent of the SPX’s aggregate market value.

It said based on the current market statistics, PDM ranks as the 10th largest entity listed on the SPX by market share.

SPX chief executive officer Krishika Narayan said during the offer period, PDM managed to attract more than 600 shareholders, majority being retail investors.

“This is a favourable effect of various investor awareness initiatives that SPX has been undertaking to promote the stock market as a viable platform for investors and savers to generate wealth over the long term.

“For PDM, this listing shall begin a new era of business operations and further strengthen the entity’s corporate reputation and visibility and also develop a strong retail investor base which shall assist in further unlocking the value of the company,” she said.

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