Hawke's Bay Regional Council will go ahead with selling a minority share in Napier Port, subject to a final pricing decision to be made in June, during a public excluded meeting on Wednesday.
Hawke's Bay locals wanting to buy shares in Napier Port will be offered a guaranteed minimum allocation of shares and there would be a period for locals to pre-register their interest before an offer opened.
There would also be a priority offer for Port staff.
Deutsche Craigs and Goldman Sachs NZ have been appointed as joint lead managers for the sale, and Forsyth Barr is a co-manager.
Councillor Rick Barker and chief executive of Hawke's Bay Regional Investment Company Blair O'Keeffe have been confirmed as directors of the Napier Port Board, subject to final approval of the IPO.