Stride rolls out red carpet for $250m Fabric IPO

Mon, 13 Sep 2021

Stride Property is carving out 10 office buildings into a new standalone entity that will list on the NZX next month, raising at least $250 million in just the third initial public offering (IPO) this year.The property investor and asset manager will spin out its Fabric subsidiary as a standalone entity on Oct 4, distributing one for four shares to existing Stride investors, and at the same time, sell between 192 million and 242 million new shares, representing 42% and 50.6% of Fabric, in an IPO.The indicative price range is $1.20 to $1.30 per...

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