Viking Capital extends IPO closing date

Brent King

Investment company Viking Capital, which is looking to raise $15 to $20 million, has extended the closing date of its initial public offering.

The closing date for the offer, which opened on June 5, will now be next Friday rather than next Wednesday.

The offer is for 60 million shares at 25c each with an over subscription facility of 20 million shares. The company now planned to list on the NZX alternative market on June 27.

Chairman Brent King said there had been some difficulties sending out prospectuses after a "massive inquiry" from retail investors.

Some prospective investors were yet to receive the document, he said, saying there were problems because of the Queen's Birthday public holiday this month and the Auckland electricity blackout on Monday.

Cheques were "flowing in" from investors, although brokers had been indifferent because of the small size of the offering, Mr King said.

Former principal and managing director of listed Dorchester Pacific, Mr King is to invest $5m in Viking for a one third holding.

Director Grant Baker, chairman of vodka company 42 Below, will invest $1.65m for a 8.3 per cent stake and the third director, former finance minister Sir William Birch will invest an unspecified "substantial sum".

- NZPA