Trading at 1.675 on asx
Shares in New Zealand’s Genesis Energy have surged as much as 17 per cent in their first hour of trading on the NZX.
Genesis shares were up NZ$0.26 to $NZ1.81, according to data from the NZX at 1.41 pm New Zealand time. Genesis’ initial public offering price was $NZ1.55 a share.
New Zealand’s largest electricity retailer raised $NZ733 million in an initial public offering after the government sold 49 per cent of the company to mostly New Zealand investors as part of a state asset sale program that has garnered $NZ4.7 billion for future investment in infrastructure.
The IPO of Mighty River Power raised NZ$1.68bn, Meridian’s IPO raised $NZ1.88bn and the sale of Air New Zealand shares generated $NZ365 million in proceeds for the New Zealand government, according to a statement from Finance Minister Bill English.
Genesis had a 27 per cent market share of the country’s electricity market as of June 30, 2013. It has 10 power stations, including hydro, wind farms as well as coal and gas fired plants that generate 2,142 megawatts of power.
First New Zealand Capital, Credit Suisse and UBS managed the Genesis IPO.
http://www.theaustralian.com.au/business/latest/genesis-energy-shares-rise-on-trading-debut/story-e6frg90f-1226887814737
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