Napier Port’s shares begin trading on NZX

NAPIER Port has marked the completion of its NZ$234m initial public offer with a listing ceremony at the Port’s Breakwater Road site. 

Chairman Alasdair MacLeod said the success of the IPO would allow for investment in infrastructure.

“Today is the culmination of a 5-year journey that has seen the Port, Hawke’s Bay Regional Council and the broader community working in close partnership towards a shared goal,” Mr 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.” 

Port employees, residents, non-resident ratepayers and iwi, who were granted priority entitlements in the IPO were allocated 20% of the shares on offer.

At the ceremony chief executive Todd Dawson said he was delighted with the support for the IPO.

“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,” Mr Dawson said.

“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.”