Ecoya debuts at issue price on NZX

Geoff Ross. Photo / Dean Purcell

Shares in home fragrance company Ecoya debuted on the New Zealand sharemarket today at the issue price of $1.

Brokers said a trade of 1177 shares at $1 each went through the market late morning.

It is the first initial public offer on the NZSX market in around six months.

Ecoya's float went ahead with the support of its owners, the investors behind vodka company 42 Below.

Ecoya sought to sell 10 million shares at $1 each and had the ability to accept over-subscriptions of 3 million shares. It received $7.2m from applications by New Zealand institutions, international investors, the Australian and New Zealand public and former 42 Below shareholders.

This included an additional $100,000 investment from interests associated with independent director Rob Fyfe, chief executive of Air New Zealand.

The balance of around $2.9m was subscribed for by The Business Bakery LLP. The Bakery is the investment vehicle of former 42 Below entrepreneurs Geoff Ross, Grant Baker and Stephen Sinclair.

The Bakery's shareholding on listing is around 65 per cent.

Ecoya was founded by a family which escaped to Australia from Hungary soon after World War 2, according to its website. Its major stockists include Australian department store chain David Jones. The Bakery took a shareholding in February 2008.

- NZPA