Genesis Energy shares will list on April 17 at $1.55 a share, at the high end of the value range of $1.35 to $1.65 a share nominated for the sale of up to 49 percent of New Zealand's largest electricity and gas retailer by customer numbers.
The issue price was announced this evening at the Beehive by Finance and State-Owned Enterprises Ministers Bill English and Tony Ryall following a book-build exercise involving local and offshore financial institutions, who bid for rights to up to 40 percent of the company.
The remaining 9 percent will be available for members of the public to bid for from one minute past midnight on March 29. Small investors will also be able to access share allocations through sharebrokers and institutions that gained shares from today's book-build.
The $1.55 share price gives an gross dividend yield in the 2015 financial year of 14.3 percent, based on prospectus information.
It values 49 percent of Genesis at $736 million and will bring to a total of $4.7 billion the proceeds from four partial privatisations undertaken in the last 13 months.