Reuters logo
New Zealand's Arvida Group steady in debut trading
December 17, 2014 / 9:43 PM / 3 years ago

New Zealand's Arvida Group steady in debut trading

WELLINGTON, Dec 18 (Reuters) - New Zealand retirement village operator Arvida Group Ltd had a flat opening when it debuted on the stock exchange on Thursday.

The company, which raised NZ$80 million ($61.6 million) through an initial pubic offering, traded between NZ$0.94 and NZ$0.97 a share in early trading compared with an issue price of NZ$0.95.

The price valued the company at about NZ$214.7 million.

The proceeds of the issue are being used to pay down debt, develop existing villages and fund expansion.

Arvida has forecast a net profit of NZ$10.6 million in the year to March 31 2016, and underlying profit of NZ$13.2 million, with a projected dividend yield of 5.7 percent to 6 percent.

The company operates 17 retirement villages and aged care facilities with about 1,800 residents.

The bourse already has three retirement village operators: Ryman Healthcare, Metlifecare and Summerset .

$1 = 1.2982 New Zealand dollars Reporting by Gyles Beckford; Editing by Robin Pomeroy

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below