Energy Mad reaches $5M IPO target after extending deadline

Energy Mad, which makes and markets energy-efficient light bulbs, has raised the $5 million sought in its initial public offering after extending the deadline for the sale by two weeks.

The company, which plans to list on the NZX starting on Oct. 19, said the offer was fully subscribed.

Energy Mad sold the shares at $1 apiece and had intended to raise up to $10 million if founders Chris Mardon and Tom Mackenzie sold down their holdings. In the event, no existing shares were sold in the IPO, it said today.

Woodward Partners and Bell Gully advised Energy Mad during the IPO.

BusinessDesk.co.nz

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