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Just Water International's listing follows an initial public offer of shares – the first to be undertaken on the NZAX Market. The offer, which closed over-subscribed, raised $8.25 million for the company's future growth initiatives.
NZX markets development manager, Geoff Brown, said Just Water International's capital raising and listing represented an important milestone for the NZAX Market.
“We're very pleased to see Just Water International listing on the NZAX Market following the market's first IPO,” he said. “The successful capital raising and listing is a great example of the achievement of the NZAX's founding objectives: making it easier and cheaper for small to medium-sized New Zealand companies to list and raise money from the public.”
Just Water International chief executive officer, Tony Falkenstein, said the company's business model had proven, over its 15 year history, to perform strongly throughout different economic cycles. “The availability of chilled drinking water in the workplace is an established part of the working environment in New Zealand.”
The company's four businesses supply drinking water to workplaces in the corporate and government sectors.
Falkenstein said Just Water International was looking forward to a successful future on the NZAX Market.
“We're already seeing benefits from the higher profile going public can bring, and we're looking forward to that continuing into the future.”
He said Just Water International's directors were “delighted” with the spread of shareholders gained in the public share offer.
“We've got an excellent range of shareholders from throughout the country,” he said. “Our very own customers also responded particularly well to the public share offer, which indicates the respect for the company our customers hold. We believe this is engendered through the quality of Just Water International's products and services.”
Just Water International's four drinking water businesses are Just Water New Zealand , Aqua-Cool, Cool Water and Corporate Water Brands. All businesses operate in the corporate and government sectors, providing drinking water through water coolers and custom-branded water bottles.
Shares in Just Water International Limited will be quoted on the NZAX Market under the issuer code ‘JWI' from 11am today.
