Dominion Finance IPO fully subscribed

Managing Director of lead manager McDouall Stuart Securities, Andrew McDouall, says the demand for firm allocations from NZX firms, interest from institutions, Dominion Finance Group debenture holders and the investing public exceeded the shares on offer.

"We had well in excess of $20 million, for the $15 million being raised," he said.

The firm allocation process undertaken a few weeks ago, saw almost all NZX Firms scaled on their requests. In addition it has been necessary to scale interest from the investing public, which McDouall Stuart Securities had attempted to accommodate within its allocation.

Quotation and trading of shares is expected to begin on Wednesday.

The company now has 930 new shareholders who own about 28% in the company, with the interests of Terry and Ann Butler retaining the balance.

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