News: TGH New Zealand poultry processor Tegel jumps 10 percent on debut

WELLINGTON, May 3 (Reuters) - New Zealand's biggest poultry processor Tegel Group Holdings Ltd (TGH) jumped as much as 10 percent after its debut on the New Zealand stock exchange on Tuesday.

The stock touched a high of NZ$1.71 per share, versus its IPO price of NZ$1.55 in early trading, before dipping slightly to NZ$1.670.

Tegel had a market capitalisation of NZ$551.7 million at the IPO price, which was at the bottom end of the indicative range. The company reported "strong demand" for its shares and a globally diversified register.

The share price jump was a good outcome for investors, said Auckland-based Macquarie Equities Investment Advisor Brad Gordon.

"Being priced at the bottom end of the bookbuild range has meant there has been some returns left on the table for those that have participated," he said.

Christchurch-based Hamilton Hindin Greene Broker Grant Williamson said he expected some profit-taking in the stock, which is also due to list later on Tuesday on the Australian stock exchange.