Methven begin sharemarket trade

Tap and showerware firm Methven will begin trading on the sharemarket today, having seen its public offer of shares close fully subscribed on Friday.

Methven offered 25.3 million new and existing shares priced at $1.43 each - a total of $36.2 million.

One million shares were reserved for registered plumbers, but Methven chairman Richard Cutfield said this priority pool had been oversubscribed.

However, the company had been able to allocate some additional shares to the pool to minimise scaling back of plumber applications.

Cutfield was pleased with the strong market interest in the offer from retail and institutional investors. The bulk of the money raised will go to those reducing their company stake.