Fairfax's 51 per cent stake in Trade Me looks likely to end up with mostly foreign institutions, funds management sources said this morning.
Investment bank UBS is underwriting the stake and is undertaking a "book build" bidding process for the stock. It is understood the process has almost finished.
"There is some concern in the market this morning that a very high proportion of this stock may go overseas," said one fund manager.
Fund managers said the stake was unlikely to end up with a single major player in the online shopping space.
"I'm sure that this (stake) would have been shopped around among potential `trade' buyers and it is interesting that no one has really put up their hands," he said.