Tech Pacific looking at Australian sharemarket float

Gupta in Australia meeting with institutional investors

Tech Pacific is considering floating on the Australian stock exchange, confirming rumours that have been circulating across the Tasman recently.

The company's chief executive, Shailendra Gupta, was in Australia last week talking to investment banks and confirmed to Australian media that Tech Pacific was looking at a float.

A Tech Pacific spokesman told Computerworld a float was possible but not definite, and Gupta was in Australia for "a series of meetings with institutional investors."

Asked whether other countries Tech Pacific operated in, such as New Zealand, would also see sharemarket floats, the spokesman said "if there's to be a listing, it'll be on the Australian stock exchange."

Tech Pacific's main owner, CVC Asia–Pacific, recently floated another Australian company it owns, Pacific Brands, raising more than $A1 billion after acquiring the company for $A730 million in 2001.

Tech Pacific is 58.5% owned by CVC, with former majority owner Hagermeyer retaining 31.5% and Tech Pacific management the remainder.

In New Zealand, Tech Pacific rearranged itself into three divisions earlier this year and was recently dropped as a distributor by Veritas.

Rival distributor Renaissance is listed on the NZX.

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