Kathmandu shares' debut on the New Zealand stock exchange - purchased by mainly institutional investors for $2.13 - entered trading yesterday at a more than 4% premium above the issue price.
Almost a third of the shares issued were traded yesterday at a profit; more than 58.4 million in Australia and more than 2.7 million in New Zealand.
The initial public offering during the week raised $426 million, allowing owner Quadrant Private Equity Goldman Sachs JB Were Principal Investment Area to exit its shareholding since buying the outdoor retailer for $A225 million ($NZ284.6 million) in 2006.
Since the purchase, store numbers in New Zealand and Australia have increased by 36 to 85.
Investors and brokers were carefully watching yesterday's 1pm debut on the New Zealand and Australian exchanges, following a Myers department store float which recently raised $A2.4 billion at $A4.10 per share, but since debut had not traded higher than $A3.90.
Kathmandu shares in Australia were trading at $A1.77 on opening and $NZ2.22 on the NZX.
Kathmandu shares closed at $NZ2.23.
