Napier Port today marked the successful completion of its $234 million initial public offer (IPO) with a listing ceremony at the port‘s Breakwater Road site in Napier.

After ringing the bell to welcome in trading of the port‘s shares on the NZX under the ticker ‘NPH‘ this morning, chairman Alasdair MacLeod said the success of the IPO would allow investment in the infrastructure necessary for the port to extend its 150-year record of supporting economic growth in the region.

“Today is the culmination of a five-year journey that has seen the port, Hawke‘s Bay Regional Council and the broader community working in close partnership towards a shared goal,” MacLeod said.

“Thanks to the IPO, Napier Port can continue to invest in improving capacity. That includes the development of the multi-purpose 6 Wharf on the north side of the existing container terminal, which will allow the port to support regional growth for the long term.

“Meanwhile, the Regional Council has reduced its financial exposure to port growth and gained the capital for investment in the broader needs of the region, including the environmental protections that support Hawke‘s Bay‘s prosperity and make it such a great place to live and work.”

MacLeod said the strong demand seen for a share in Napier Port demonstrated the broad support for the port‘s plans and the confidence stakeholders have in the port.

“It also helps cement the partnership between the port and our region.”

Port employees, residents, non-resident ratepayers and iwi, who were granted priority entitlements in the IPO, were allocated 20% of the shares on offer. Of the eligible Port employees, 97% took up the priority offer. Four of the eligible iwi groups participated, receiving a priority allocation. On listing, Napier Port is approximately 90% New Zealand owned.

Napier Port chief executive Todd Dawson said he was delighted with the broad support for the IPO and the port‘s longer-term investment plans.

“Napier Port thrives when the region thrives. It is for this reason that we have a strategic purpose of building a thriving region by connecting our customers and community to the world.

“By providing a cost-effective gateway to international markets for the region‘s importers and exporters we help them achieve their aspirations for growth. Their success, and ours, has a multiplier effect – driving employment and prosperity across the region.

“Our new wharf will become a vital part of the networked infrastructure we manage; easing congestion, allowing us to host the larger container and cruise ships that are already visiting, extending our container capacity and giving us new options to manage diverse cargos.”