Viking Capital to raise $15m in IPO

Brent King

Investment expert Brent King today said he plans to raise $15 million in an initial public offering of 60 million shares in investment company Viking Capital at 25c per share.

He plans to list Viking on the NZX alternative market.

There is an allowance for over subscription of 20m shares.

Mr King said Viking Capital had been established to take advantage of the "significant economic change the company anticipates for the New Zealand economy in the foreseeable future".

It will be chaired by Mr King, the former chief executive of listed finance company Dorchester Pacific.

Also on the board will be former finance minister Sir William (Bill) Birch and Grant Baker, chairman of vodka company 42 Below and founder of power company Empower.

The company said it intended to be a growth stock and hence the board did not anticipate paying any significant dividends within the first few years of operation.

The board may change its dividend policy later depending on the company's financial position.

The highly fragmented finance company sector was expected to be a target for Viking, although it would not compete directly in the sector.

Mr King has 20 years' experience in the financial, banking and accounting areas.

He took Dorchester from a shell to a company that focused initially as a lender to small and medium businesses and gradually expanded into other areas including investment banking, personnel, recruitment and investment advice.

Mr King sold out of the business and stepped down as managing director last year.

- NZPA