The government will sell 49 per cent of Genesis Energy in the last of its scheduled asset sales after feedback from institutions and brokers gave it confidence it didn't need to reduce the size of the selldown.
Institutional investors and New Zealand brokerages will be offered 40 per cent of the company, or 400 million shares, through a bookbuild that opens tomorrow, Finance Minister Bill English and State Owned Enterprises Minister Tony Ryall said in a statement.
So-called 'mum and dad' investors will then be offered up to 90 million shares, or 9 per cent of the company, through a general offer that opens on Saturday. That includes shares set aside for loyalty bonus share allocations.
The government had previously said it may sell anywhere between 30 per cent and 49 per cent of Genesis, depending on demand. The shares are being offered at an indicative range of $1.35 to $1.65 per share, with the final price determined by the bookbuild and announced on Friday, the ministers said.
"We have received positive feedback on the offer to date from local and international institutions and New Zealand share brokers," English and Ryall said in their statement.