The NZ Herald parent company had a dreadful start to their much-vaunted float…dropping 20%, and aren’t Mediaworks gleeful about it all.
Newly listed media company NZME debuted on the New Zealand stock market today with its shares closing at 80 cents.
Shares were initially offered at NZ$1 as a reference point because it is a new company listing. It is now up to the market to determine what the company is worth. Shares initially traded around 85c but then closed down. At 80c a share, NZME would be valued at NZ$156.8 million.
NZME owns the NZ Herald newspaper, various regional titles, the GrabOne daily deals website and the Radio Network.
The NZ listing comes after its Australian owners APN News & Media decided to demerge its Kiwi business NZME so it could potentially merge with Fairfax NZ.