Airwork gains 5 per cent on debt

Airwork Holdings has risen five per cent in its NZX debut after the aviation services specialist raised $NZ37.

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5 million ($A35.18 million) in an initial public offering (IPO).

The shares first traded at $NZ2.73, valuing the company at $NZ137m, having been sold via a broker and institutional firm offer at $NZ2.60 apiece.

No shares were offered direct to the public. The company issued 14.4 million shares through the IPO, bringing the total on issue to 50.2 million.

Interests associated with majority shareholder Hugh Jones hold 61 per cent of Airwork after the sale. Of the total funds raised, $NZ17.5 million was used by the company to acquire and cancel shares from Mr Jones, leaving about $NZ20 million to help fund the company’s growth plans, the Auckland-based company said.

“Airworks continues to perform in line with the prospectus, with management pursuing a range of growth projects,” chief executive Chris Hart said.

Projects include helicopter leasing opportunities, maintenance, engine and helicopter upgrade contracts and additional fixed-wing charter revenue, he said.

The company forecasts annual net profit of $NZ8 million in the year ending June 30, 2014, on sales of $NZ125 million, up from profit of $NZ6 million and revenue of $NZ118 million in 2013.

It anticipates an annual dividend of 14 cents per share in the 2014 financial year, implying a gross dividend yield of 6.4 per cent.

The company had offered up to 15.4 million shares, or 30.6 per cent, of the company. While it actually sold about one million less, the IPO met the minimum offer size of $NZ30 million, it said.

Airwork is the final NZX listing for 2013, which has been one of the busiest years in the past decade.