Mike Pero Mortgages looking for increase on float

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.

Read More - Opens in a new window
Commenting is closed

Property News

Why the future is not bleak for the housing market

Uncertainty continues to cast its shadow over the housing market but economist Tony Alexander has put together a list of reasons which offset the negatives and mean the market remains well-supported.


$75m on offer for new developments

Auckland ’s long-term future is sound as well situated residential developments will always sell and demand for affordable housing remains strong, a leading non-bank property financier says.


Mortgage borrowing rebounds in May

New mortgage borrowing rose by roughly $1.6 billion in May as the property market showed signs of recovery from the Covid-19 lockdown.

Site by PHP Developer