My Food Bag shares list on the NZX at a discount after $342m IPO
5 Mar, 2021 03:49 PM
7 minutes to read
Aimee Shaw is a business reporter focusing on retail, small businessaimee.shaw@nzherald.co.nz@AceeyShaw
Many first time investors in My Food Bag were left disappointed as the stock fell after listing on the stock exchange on Friday amid high expectations. The shares opened trading on the NZX at $1.76, down 5 per cent on the initial public offer price of $1.85, and ended the day at $1.74, down 6 per cent.
Across the Tasman on the ASX the stock at one stage fell A27c, or 14.6 per cent, to A$1.58 before recovering to be down about 5 per cent.
Shares in seafood companies Sanford and New Zealand King Salmon Investments declined following news that some New Zealand fishing companies were suspended from exporting certain products to China.
Retail stocks gained following a slew of profit upgrades across New Zealand and Australia. “The retail environment is surprisingly strong,” said Brad Gordon, an investment adviser at Hobson Wealth Partners.