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Retail newcomer lists

By Phil Boeyen, ShareChat Business News Editor

Thursday 7th September 2000

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The South Island's first New Capital Market listing, RetailX, has been trading slightly above its 50-cent issue price today in its first market appearance.

The company, which has allotted 2.097 million shares, fell short of it public pool target of 1.2 million shares to raise $600,000. The final public applications total was for 897,000 shares at 50-cents from 330 investors.

Organising broker, Greenslades, says it's happy with the spread of investors, but says many people were obviously "just dipping their toes in the water" with most applications for a $1,000 parcel. The minimum application was $500.

Greenslades CEO, Roy Borgman, says for many people an NCM listing is not a well-known concept, which made the issue slightly harder to sell. But he says that situation should improve as investors become more familiar with the market.

In its prospectus RetailX said it is looking for opportunities in the bricks and mortar and e-commerce retail sectors in both New Zealand and Australia, but had not yet identified a key transaction. Mr Borgman says an announcement on a key transaction is "not too far away".

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