Shares for an initial public offer for Metro Performance Glass have been pitched in a $1.65 to $1.90 range for an auction-style book build set to start today, market sources say. The offer is aimed at raising $237 million to $273 million.
It is understood the sale by Australian private equity company, Crescent Capital, and others, is aimed at creating a NZX and ASX-listed company with a market capitalisation of around $305 million to $352 million, one market source said.
At that price, Metro Performance would have a price to earnings ratio of 12.5 to 14.5 times, the source said.
The joint lead managers of the offer are Forsyth Barr, Macquarie Securities NZ and UBS New Zealand.
It is understood former Auckland International Airport chief executive and managing director Sir John Goulter has been appointed chairman and former Fletcher Building chief financial officer Bill Roest has been appointed to the board.