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Infratil, NZ Super Fund raise $840M in Z IPO at $3.50/share

Infratil, NZ Super Fund, raise $840M in Z Energy IPO, selling shares at $3.50 apiece

Aug. 16 (BusinessDesk) - Infrastructure investor Infratil and the New Zealand Superannuation Fund will sell 60 percent of petrol station chain Z Energy for a total of $840 million ahead of a listing next week.

The Wellington and Auckland-based investment funds, who will each reap $420 million from the sale, are selling down part of their holding for $3.50 a share, the mid-point of their indicative price range of $3.25 to $3.75 a share in an initial public offering.

Shares in Z Energy are scheduled to list on the New Zealand stock exchange at 11am on Monday, making it the nation’s first listed transport fuels distribution company. Z Energy is expected to be among the 20 largest New Zealand companies on the exchange.

“We received a strong response from the retail broker network, with their allocations requiring significant scaling,” Infratil chief executive Marko Bogoievski said in a statement. “We have also been delighted with the positive response from institutional investors which we see as validation of the New Zealand economy, the transport fuels industry and the achievements of Z under our ownership.

“Investors have been attracted to Z Energy’s cash flows, dividend outlook and range of potential future growth areas,” Bogoievski said.

Shares in Infratil rose 0.4 percent to $2.46 and have gained 7.9 percent this year.

Infratil and the NZ Super Fund, who bought the petrol station assets from Shell in 2010, will each retain a 20 percent holding in Z Energy. Z Energy won’t see any of the funds raised in the IPO.

The Super Fund plans to reinvest its proceeds from the sale in New Zealand and internationally, spokesman Matt Whineray said.

Z Energy’s shares are also scheduled to list on the Australian exchange on Monday.


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