By Phil Boeyen, ShareChat Business News Editor
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Friday 14th December 2001 |
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The group's offer, which had no public pool, closed Wednesday after heavy demand. Chair Rosanne Meo said demand significantly exceeded the 40 million shares available.
The stock hit the market Friday morning at $1.40 in early trading, 40 cents above the $1.00 offer price. With 210 million shares issued that values the company around $294 million.
The Briscoe Group comprises two major retailing businesses, the 28-store Briscoes Homeware chain and the 11-store Rebel Sport business.
A large chunk of the $40 million raised in the float will be spent modernising the company's homeware stores and opening new Rebel Sport stores.
A further $9 million will be used to pay a loan and the rest is earmarked to for possible acquisitions or other business expansion.
The majority of the business remains in the hands of Rod Duke but there is market speculation he may choose to sell down more of his 75% holding next year.
The healthy premium from today's listing also gives an immediate paper profit of more than $2 million to Australian retail company Harvey Norman and founder, Gerry Harvey, who both took up 5.25 million shares in the Briscoe float.
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