The Mad Butcher franchise has gone public today with a share offer that was eagerly snapped up by investors.
The Mad Butcher went public today, joining the stock exchange through its shell company Veritas Investments. Shares in the retail butchery franchisor effectively began trading at midday, when its acquisition by Veritas Investments was complete.
Veritas, formed last year through a backdoor listing on the NZX, raised $25 million at $1.30 per share to fund the $40 million cash and scrip purchase of the Mad Butcher franchise
Its shares dropped 2c to $1.55 soon after midday. The offer was over-subscribed by more than twice the number of shares available.
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