Powerhouse raises A$10.2 mln in ASX listing, debuts at offer price

Wed, 12 Oct 2016

By Paul McBeth Oct. 12 (BusinessDesk) - Powerhouse Ventures, the Christchurch-based technology incubator, raised A$10.2 million in an initial public offering, with the shares debuting on the ASX at the offer price of A$1.07. The company sold about 9.5 million shares at A$1.07 in the offer and NZ$1.25 million of convertible notes converted to 1.2 million shares, giving Powerhouse a market value of A$30 million. The IPO crossed the minimum amount Powerhouse was targeting, something chief executive Stephen Hampson was confident of achieving...

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