18 Oct 2011

Energy Mad public offering reaches target

7:18 am on 18 October 2011

Energy-efficient lightbulb maker Energy Mad says it has raised $5 million in its initial public offering.

The company extended its offer by more than two weeks after it thought it was unlikely to meet the minimum $5 million threshold, but it was fully subscribed when it closed last week.

The firm is raising capital to fund further expansion overseas.

Chairman Rick Ramsay says he is delighted with the result, given the challenging market conditions.

Energy Mad shares are expected to be quoted on the NZX from Wednesday 19 October under the ticker code MAD.