Property developer Winton has announced plans for an initial public offering (IPO) shares ahead of its debut on the both the New Zealand and Australian sharemarkets.
Photo: Supplied / Winton Capital
The company intends to raise up to $350 million, with shares offered at $3.88 a piece, giving it an implied market capitalisation of $1.15 billion.
It expects to list on the local sharemarket on 17 December, with a foreign-exempt listing on the Australian stock market.
Winton specialises in large scale residential developments where it sells lots with associated building packges, and it also develops apartment units and retirement villages.
It had a combined portfolio of 29 projects across New Zealand and Australia, which include a total of 7,442 lots.
"With the equity we will raise, we are excited to accelerate our growth plans into further land development of innovative residential communities and our premium Northbrook retirement offering," Winton chief executive Chris Meehan said.
Macquarie Asset Management would take a cornerstone stake in the company, buying $200m worth of shares.
High-net worth investors had made commitments for a further $100m, and the balance would be raised from an offer to selected investors nominated by the comapny.
The company's product disclosure document (PDS) said that it operates with a conservative capital structure, using little to no debt.
"We have a fortress balance sheet and are well-positioned to continue to build the business, using strong cash reserves to capitalise on the growth opportunities that are in front of us," Meehan said.
The PDS shows it increased its revenue nearly six-fold in the 2021 financial year to $177m, due to a sharp increase in the number of units it settled.
Meanwhile, its net profit for the year was $46.1m, compared with a net loss of $11m the year earlier.
Its total debt declined year on year by about $5m to $128m.
It was forecasting a decline in its revenue and net profit for the current financial year, due to a lower volume of units following a strong year in FY21.