Menu
Dick Smith begins trading on the ASX

Dick Smith begins trading on the ASX

Shares were offered at $2.20 each implying a market capitalisation of $520 million for the retailer

Electronics retailer, Dick Smith, will officially begin trading on the ASX on December 4, using the ticker DSH.

Shares were offered at $2.20 each, implying a market capitalisation of about $520 million for the retailer.

Managing director and CEO, Nick Abboud, said it was a major step in the revolution of the retailer.

“We have been greatly encouraged by the institutional and retail shareholder response to the IPO and the strong demand for Shares. This has allowed us to assemble a high quality register of institutional shareholders,” Abboud said.

“We are 100 percent aware of the responsibility we have to deliver on behalf of our Shareholders. They want to see us meet our objectives and to deliver sustainable profit and growth.”

Private equity firm, Anchorage Capital Partners, be a key shareholder retaining a 20 percent interest and Dick Smith management will hold 11.5 percent.

“A tremendous amount of work has gone into driving change and getting Dick Smith to the point that it can become a listed company,” Dick Smith chairman and Anchorage founder, Phil Cave, said. “There is still more to do, of course, and Anchorage is retaining a significant Shareholding as a sign of our confidence in the company’s forecast financial performance.”

Goldman Sachs and Macquarie Capital were joint lead managers, joint bookrunners and underwriters to the Offer. Aquasia advised the Board in relation to the Offer and Minter Ellison was Dick Smith's legal adviser.

In September last year, Woolworths sold Dick Smith to Anchorage Partners for $20 million.

Since then, the retailer has embarked on an agressive strategy to transform its retail business model and recently stated the changes have already resulted in substantial improvements to its financial performance.

Follow Us

Join the New Zealand Reseller News newsletter!

Error: Please check your email address.

Tags Nick Abbouddick smithASX

Slideshows

Meet the leading HP partners in New Zealand...

Meet the leading HP partners in New Zealand...

HP has recognised its top performing partners in New Zealand at the second annual 2016 HP Partner Awards, held at a glittering bash in Auckland. The HP Partner Awards recognises and celebrates excellence, growth, consistency and engagement of its top partners. This year also saw the addition of several new categories, resulting in 11 companies winning across 11 award categories.

Meet the leading HP partners in New Zealand...
Channel comes together as Ingram Micro Showcase hits Auckland

Channel comes together as Ingram Micro Showcase hits Auckland

Ingram Micro outlined its core focuses for 2017 at Showcase in Auckland, bringing together the channel for a day of engaging keynotes, compelling breakout sessions and new technologies.

Channel comes together as Ingram Micro Showcase hits Auckland
Show Comments