Scales to sell shares at $1.60, bottom of range, in $148.8M IPO

Fri, 04 Jul 2014

By Paul McBeth July 4 (BusinessDesk) - Scales Corp, the fruit and vegetable logistics group, will sell shares at the bottom of its indicative range in a $148.8 million initial public offer. The Christchurch-based company will sell 93 million shares at $1.60, the bottom of the $1.60 to $1.85 indicative range, after institutional investors set the price in a bookbuild. Of the $148.8 million, Scales will raise $30 million of new capital and its shareholders will sell into the float. Private equity firm Direct Capital will cut its stake to 20...

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