Dual-listed Kathmandu makes healthy entrance

The outdoor equipment retailer exceeded its IPO. Photo / Richard Robinson

Shares in outdoor equipment retailer Kathmandu debuted on the NZX yesterday at $2.22, a premium to its offer price of $2.13.

Across the Tasman the dual-listed stock opened at A$1.75, above the A$1.70 Australian investors paid.

Shares closed at $2.23 on the NZX.

A listing ceremony was held at the NZX centre in Wellington for the stock.

The stock trades under the code KMD.

The final offer price for Kathmandu was in the lower part of the company's indicated $2.01-$2.32 range.

The current share price puts the retailer's market capitalisation at around $440 million.

Kathmandu's former private equity owners Quadrant Private Equity and Goldman Sachs JBWere Principal Invest Area have sold their entire stakes in the company.

The company said feedback from investors was they preferred a 100 per cent private equity exit.

The private equity players bought the company from founder Jan Cameron in 2006 for a reported $275 million.

Kathmandu has around 82 stores in New Zealand, Australia and the United Kingdom, up from 41 in 2005.

It has identified a further 70 locations for more stores in Australia and New Zealand over the next few years.