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Genesis shares stag 17% at listing, first trade at $1.81

Genesis shares stag 17% at listing, first trade at $1.81

April 17 (BusinessDesk) – Shares in the partially privatised Genesis Energy debuted on the NZX this afternoon, rising 26 cents, or 17 percent, from their $1.55 issue price, to $1.81 in the first minutes of trading.

Genesis is the last of three vertically integrated electricity generator-retailers to be subject to partial privatisation in the last 13 months, in a programme that has raised a total of $4.7 billion, $733 million of it from the sale of 49 percent of Genesis.

The IPO process attracted 68,000 retail investors, similar to the Meridian Energy float last November, which was regarded as lower than hoped for, although that number gives Genesis the third largest share register among NZX-listed shares.

(BusinessDesk)

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