KEY POINTS:
The $65 million initial public offering for Pike River Coal is set to close oversubscribed.
A market source said yesterday the offer for 65 million shares at $1 each, due to close on Tuesday, had an option for 20 million additional shares which was likely to be tapped.
The Pike River coal mine is being floated by energy explorer New Zealand Oil and Gas, which will retain 34.6 per cent of the company, while Indian coal companies Gujarat NRE Coke and Saurashtra will hold 20.6 per cent.
- Agencies
