I’m sitting on the sidelines, watching my son’s basketball
game. It’s got off to a bad start, with the other school team already ahead by
five goals. I know from experience this demoralises the boys. And they’re now
very unlikely to turn things around before the clock blasts.
I get chatting to one of the other parents. She asks what I
do. I mention stocks and shares. We forget the game as she excitedly tells me about
an upcoming IPO that she’s registered to get info on.
It’s Cannasouth Limited, a Hamilton-based biopharmaceutical company
researching and developing medicinal cannabis-based products.
The company is seeking $5 million from invited investors and
another $5 million in a public offer, selling up to 20 million shares at 50
cents each. Provided it gets at least $5 million, it will list on the NZX. This
could end a long listing drought on our bone-dry exchange.