WasteCo Group traded above its reverse listing issue price on its first day on the New Zealand stock exchange (NZX).

The shares recently traded at 8 cents, above the 5 cents theoretical price used for the waste management firm to join the NZX, although 15.8% below the 9.5 cents price the shares were halted at in April when shell company Goodwood Capital flagged the conditional deal with WasteCo.

WasteCo listed through a reverse takeover via trading shell company Goodwood Capital, a move that was only greenlit by Goodwood’s shareholders at a special meeting yesterday.

The deal between the two companies valued the waste management firm at $25.2 million, to be paid in shares, with another 80 million shares to be issued at 5 cents each to the holders of $4m of mandatory convertible notes previously held by WasteCo. Today’s trading price values the company at $55m.

Goodwood was chaired and 18% owned by back-door listing specialist Sean Joyce who announced the reverse takeover of WasteCo in April.

Joyce has stepped down as chair, and from the board altogether, to be replaced by WasteCo’s existing chair, Shane Edmond. 

WasteCo provides waste collection services throughout the South Island in Christchurch, Ashburton, Timaru, Ōamaru, Dunedin and Balclutha and employs about 200 staff. 

It also operates a 3,600 square metre landfill and sorting facility in Christchurch and conducts road sweeping services for councils and commercial customers.

Technology firm Black Pearl, which listed on the NZX last week, was also down 5.4% to 70 cents this morning.

This story's headline has been edited to reflect the trading price was above the transaction's issue price.