Wembley builder raises £508m

NEW listings have been coming thick and fast in

Today it was the turn of Multiplex, among the country's largest construction groups. Priced up front at A$3.08, the shares rose to A$3.14, a mild premium of 2%. The issue payment is staggered, with a second instalment from new shareholders due next December, when they will hand over a further 97 cents a share.

The float garnered A$1.2bn (£508m), making it the second-largest this year after Promina, the insurer spun off by Britain's Royal & SunAlliance.

Multiplex is probably best known in Britain for its work on the new stadium at Wembley, a £445m contract to construct the new 90,000-seat sporting venue. The company has long been a leading player in Australia, and was responsible for main venue for the Sydney 2000 Olympic Games.

Proceeds from the offering will be used to fund new construction projects. The company has said it expects earnings of A$156m in the year to next June, followed by A$231m the year after.

Multiplex's founding Roberts family remains in the driving seat. Founder and chairman John Roberts and his relatives have retained a 42% stake. The board counts John Roberts' son, Andrew, as chief executive and managing director.

Roberts the elder, 70, reportedly shuns the media limelight. He gave his first interview in the early 1990s, three decades after he started the business.

He has developed good contacts with the Middle Eastern market, including Dubai's Sheik Mohammed al-Maktoum, who controls Emirates, the fast-growing airline.

The wider Australian market had a stronger tone, inspired mainly by the release of further positive economic data from the US - this time it was factory output growth at a 20-year high.

With the Dow at its best level since mid-2002, miners performed strongly in expectation that they are well placed to ride the continued expansion. Diversified miner Rio Tinto climbed 81 cents or 2.3% to A$35.60, while rival BHP Billiton jumped 36 cents or 3.3% to A$11.43.

The All Ordinaries index put on 7.4 points to 3187.7.

In Tokyo there were modest gains for bank shares as jitters faded about the nationalisation of regional lender Ashikaga. Mizuho Financial rose 2000 yen or 0.7% to 296,000 yen, while UJF advanced 17,000 yen or 3.5% to 497,000.

But profit-taking held sway elsewhere as fears re-emerged that the stock market may be due another round of consolidation. Sony, the consumer electronics giant, gave up 80 yen or 2.1% to 3720. The Nikkei 225 overcame its losses, however, to end 6.88 points higher at 10,410.15.

The profit-taking impulse went further in Hong Kong, forcing the main benchmark further into negative territory as the Hang Seng index fell 30.55 points or 0.3% to 12,426.44.

Although exporters outperformed - Li & Fung rose 10 cents or 0.7% to HK$13.55 after the US data - losses elsewhere were significant. Cheung Kong, the developer, eased 25 cents or 0.4% to HK$62.25 while telecommunications group Pacific Century Cyberworks dipped five cents or 1% to HK$5.35.