Skellmax shares list at $1.20

Skellmax, a combination of rubberware company Skellerup and dairy industry vacuum pump firm Flomax, raised $115 million. There was strong demand for the shares when they were issued.

The company is most famous for its gumboots -- a product that is as much in demand during good farming seasons as in bad.

It expects to make an after-tax profit of $11.1 million in the year to June, on revenues of about $100 million, according to its prospectus.

In the following year, profit is forecast to rise to $12.4 million.

The company will have about 7000 shareholders.

Skellmax is the first big float for some time, with the Briscoes float last year raising $40 million. The next cab off the rank is plastics company Vertex, with its main shareholders selling out for about $61 million.

Most of the new shareholders in Skellmax are New Zealanders, but there was demand from some large Australian institutions, with some allocation there.

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