Mike Pero Mortgages looking for increase on float

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Saturday 27 March 2004

Mike Pero Mortgages is looking to raise between $7 million and $10 million in a float on the New Zealand Exchange next month.

By The Landlord

Greenslades has been appointed lead manager for the float which will give the company a market capitalisation of about $25m. Roy Borgman, managing director at Greenslades, said staff were still working through the nuts and bolts of the listing but final details would be known within the next few weeks.

Mums and dads investors will get a shot at buying into the Christchurch company which is regarded as the biggest name in mortgage broking in New Zealand.

"It will be available to the public," Borman said.

He said the company was looking at a main board listing because its size made it a better fit than the smaller NZAX market which has been set up as a home for fast growing companies. Mike Pero set up the business in 1990.

It has since grown to include 35 franchised brokers around the country. George Gould has bought Mike Pero Mortgages from the company's founder for a confidential price.

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