KEY POINTS:
Shares in Opus International Consultants debuted on the stock exchange today at $1.99, a 21 per cent premium over their $1.65 issue price.
A total of 29 million existing and new shares were sold in the float, representing about 21 per cent of the shares on issue, and raising $48 million.
Today's listing capitalises the company at $270m.
Opus is just the third equities listing on NZX this year.
There was no public pool in the Opus IPO and most of the shares went to institutions and organising brokers First NZ Capital and Macquarie.
Opus was formed when the Ministry of Works and Development was privatised in 1988 and its Malaysian owner, Opus International Group Plc, is retaining a majority stake.
Nigel Scott of ABN Amro Craigs said a lack of liquidity outside the organising brokers meant the stock would be supported by index-related buying.
He said the equivalent type of company around the globe had performed quite well.
The company intends to pay out 50 per cent of net profit after tax in dividends.
Opus has had a five-year record of 20 per cent annual growth in operating profits. It had increased its international revenue by more than 300 per cent in four years and planned to use the money raised for further offshore expansion.
The 2006 exporter of the year earns over 20 per cent of revenue offshore and has big expansion plans for its British, Canadian and Australian operations.
Recent projects include a London Underground station upgrade and building Vancouver's Sea-to-Sky Highway for the 2010 Winter Olympics.
Opus has more than 2145 full-time equivalent employees across 71 offices and 11 laboratories.
It had revenues of $252.4m in 2006, projected to grow to $281m in 2007 and $314.8m in 2008.
Earnings before interest, tax, depreciation and amortisation (ebitda) were $19m in 2006 and projected to rise to $23.1m in 2007 and $27.9m in 2008.
Employees now own 15 per cent of the company and Opus International Plc owns 66 per cent.
- NZPA
