KUALA LUMPUR: New Zealand-based Opus International Consultants Ltd (Opus IC), a subsidiary of infrastructure consultancy-based Opus International Group plc (Opus), expects to raise up to NZ$47.9 million (RM124.22 million) in a partial float after fixing a final price of NZ$1.65 (RM4.30) per share under its listing exercise.
According to Reuters, the initial public offering (IPO) for 21% of Opus IC was for 22 million existing shares and seven million new shares. Opus will retain control with 66% in Opus IC with the rest held by senior staff.
Opus IC, which designs and consults on large infrastructure projects such as motorway construction, has annual operating earnings of about NZ$20 million.
Meanwhile, in a statement yesterday, Opus said: “At this final price, Opus IC will have a market capitalisation of approximately NZ$224 million following the conclusion of the IPO.”
Opus IC chairman Basil Logan said the final price of NZ$1.65 per share was very close to the top end of the indicative price range previously set.
“We have had an excellent response to our recent roadshow and book-build process. There was strong support from a wide range of investors, comprising New Zealand and Australian institutional investors, and New Zealand retail investors,” he said.
The closing date for the offer is Oct 26 and the shares are expected to be listed on the New Zealand Stock Exchange on Oct 30.
Together with Basil, Opus group managing director Suhaimi Halim said they were pleased with the recognition of Opus IC strong market position in New Zealand’s infrastructure sector, its proven growth record and its continued opportunities for growth across New Zealand, Australia, Canada and the UK.
Opus group had recently undertaken an internal reorganisation which would enable the group to replace its holding company — Opus plc which is incorporated in England — with a Malaysian incorporated company Opus Bhd.
Suhaimi said: “We hope to list Opus Bhd (a subsidiary of UEM World Bhd) on Bursa Malaysia by Oct 19 this year”.
