Allied Work Force lists on main NZX board

Blue collar labour hire company Allied Work Force Group (AWF) made its sharemarket debut today -- the main board's first listing for the year.

Shares in the company traded at $1.52 in the opening minutes, just above the initial public offer (IPO) price of $1.50. The firm has a market capitalisation of just under $40 million.

AWF's initial public offer of 7.6 million shares closed fully subscribed on Friday. Company founder Simon Hull, a former dairy farmer, retains a 68 per cent stake.

The remaining shares went to company directors, select NZX participants and staff, so today is the first chance for retail investors to get their hands on the stock.

AWF is New Zealand's largest specialist blue collar labour hire company. It provides on demand labour in the distribution, manufacturing, processing, infrastructure and construction industries.

The company has a "crew" of around 8000 skilled and semi-skilled workers, and 90 full-time staff. It operates from 21 locations around the country, including seven in Auckland.

AWF has previously forecast a March 2006 year net profit after tax (before goodwill amortisation) of $3.1 million, on revenue of $74.2 million.

Mr Hull says the listing is "all about positioning AWF for growth".

Early this year the company boosted its manpower by buying Wellington-based Quin Workforce, following up its acquisition of Far North Labour Hire last year.

- NZPA