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