Carter Holt float could raise $1 billionNew Zealand's richest man, Graeme Hart, is understood to be planning to float most of Carter Holt Harvey in what could be the biggest IPO this year. Hart's Rank Group bought CHH almost a decade ago and has been carving up the business since, with the Carters outlets and timber products the last piece of the company to be sold.
The building supplies division with exposure on both sides of the Tasman could, according to one market source, raise as much as $1 billion based on earnings multiples but subject to price and demand. Brokers Credit Suisse First Boston and First New Zealand Capital are believed to be working on the float, which could hit the share market around the middle of the year.
In an IPO, Hart would be expected to retain a cornerstone stake of around 30 per cent in the business, which is comprised of more than 50 Carters Building Supplies businesses in New Zealand, Woodproducts New Zealand and Woodproducts Australia. Brands include Pinex and Laserframe. More >>.
Source: NZ Herald & Scoop
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