Windfarms passes minimum for IPO

New Zealand Windfarms says it has passed the offer minimum of $3 million for its initial public offering, which closed on Friday.

Windfarms is a spin-off of listed turbine manufacturer Windflow Technology.

Under the IPO, new shareholders paid $1.10 a share, and "eligible investors" - existing Windflow Technology shareholders or subscribers for $250,000 and above - $1 a share.

The shares will trade on the stock exchange's alternative market, the NZAX.

Windfarms chief executive Chris Freear said the exact amount raised through the IPO would not be known until early next week.

But he said it was now "game on" for the company's first project, the Te Rere Hau windfarm near Palmerston North, with the company now able to confirm its turbine purchase agreement with Windflow Technology.

Site work would start this summer, with five turbines operating in the third quarter of next year, Mr Freear said.

- NZPA