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New Zealand to sell up to 49% of Genesis Energy

Staff writer |
The New Zealand government said it would sell up to 49 percent of power company Genesis Energy Ltd GEPWR.UL, earning it up to NZ$800 million ($684.5 million) from the sale.

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The government said 40 percent of Genesis would be available in a book build with institutional investors, with a further 9 percent available to be sold directly to retail investors. It government had initially said it would sell between 30 and 49 percent to improve the prospects of a better price for the stock.

The price is being set through a front-end bookbuild, which will take place over the next two days, before the offer opens.

A price range of NZ$1.35 to NZ$1.65 a share has been indicated, while broker valuations have ranged between NZ$1.40 and NZ$1.90 a share. The offer will open on Saturday, with the company due to list on the New Zealand and Australian stock exchanges on April 17.

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