Pero shares down after first day of listing

The raised $10 million through an initial public offering (IPO) with an oversubscription of 3 million shares allocated on Friday.

Currently Christchurch businessman George Gould holds 55% of the company, founder Mike Pero has a seven per cent stake and staff and mortgage brokers were issued 645,500 shares, with an equivalent number of options attached.

The company said in its prospectus that it would use proceeds from the IPO to repay debt in the short term, and in the longer term to finance growth.

Gould says that the Mike Pero Mortages executive team led by Jeff Staniland will be focusing on delivering and exceeding targets forecast in the prospectus. The Dominon Post reports that the company is " looking at the Australian market and at buying other companies to grow the business."

"There are also opportunities in other financial services that we're looking at." Listing will also improve the company fortunes by adding creditability, discipline and full disclosure, he is reported as saying.