TUA
A brief background and sources for more information on Turners Auctions Limited.
An example of an IPO (and using the listing to exit an investment).
Short finance history:
- Partial listing of Turners Auctions Limited 4-Oct-2002 by issuing 4,000,000 shares at $1.50
- Listing costs relatively high at 10%.
- Reasons for listing given as “the opportunity to diversify our shareholder base – increasing both the breadth and depth of shareholders, raising the profile of Turners Auctions as a separate entity – both from a branding and a business management perspective, and lastly, giving us the opportunity to raise cost-effective capital to enhance and grow our retail premises.”
- First day close $2.32 i.e. up 55%.
- Major shareholder GPG used the rally over the next year or so to sell down its 39% holding.
- Subsequently new shares were issued to employees for $1.3 million but there were no further placements or public issues.
- Share price around $1.40 mark for most of 2010 and 2011.
Reference:
NZX IPO notes 2008
TUAhistory
