NATIONAL: The initial share price for outdoor wear retailer Kathmandu has been set at A$1.70.
The New Zealand based retailer announced the completion of its institutional bookbuild on Wednesday (November 11). The final share price sees the Kathmandu business valued at A$340 million.
The retailer plans to start trading on both the Australian and New Zealand stock exchanges from Friday November 13.
Kathmandu CEO Peter Halkett said investors showed an understanding of the business's strengths as well as its future growth strategy.
"We are delighted with the success of the offer which will provide us with a high quality share register.
"After the rigours of an extensive institutional roadshow, it is very satisfying to see so many of these investors on the share register," Halkett said.
Kathmandu said its private equity owners, Quadrant Private Equity and Goldman Sachs JBWere Principal Investment Area, would sell 100 per cent of their equity in the business.
Kathmandu has enjoyed sales growth from $133 million in the 2007/08 financial year, to $176 million in the 2008/09 financial year. It has forecasted sales of $197 million for the 2009/10 financial year.
The outdoor label was established in 1987 and creates its own brand product as well as running its own retail stores. Kathmandu has 85 stores across Australia, New Zealand and the UK.