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Demand has significantly outstripped the supply of shares in the Pike River Coal float, raising the maximum $85 million, which means a scaling back of some allocations.
The initial public offer had been seeking $65 million but had an allowance to accept $20 million in oversubscriptions.
The Pike River board yesterday allocated 85 million shares in the coking coal mine in the Paparoa ranges, 46km northeast of Greymouth.
After four delays dating back to 2005, the West Coast mine will finally make its NZX debut on Friday.
Andrew McDouall, managing director of lead broker McDouall Stuart Securities, said the issue had attracted significant institutional and private client support locally, in Australia and overseas.
The company said retail investors and New Zealand Oil and Gas shareholders who applied for "significantly larger allocations" than their entitlement would get fewer shares than they wanted.
"The level of demand represents a promising start to Pike River's future," chief executive Gordon Ward said.