New Zealand's Z Energy debuts at modest premium to issue price
WELLINGTON Aug 19 (Reuters) - New Zealand petrol retailer Z Energy Ltd listed at a 6.6 percent premium to its issue price on Monday.
Z Energy shares traded at NZ$3.73 in early trading compared with the NZ$3.50 issue price, which was the midpoint of the indicative price range for the offer.
Utilities investor Infratil Ltd and the state pension fund operator New Zealand Superannuation, who bought the petrol retailer from Shell Oil in 2010, have cut their stakes to 20 percent each.
The offer raised NZ$840 million ($683 million) and valued the company at NZ$1.4 billion. Infratil said demand was about five times the number of shares offered, which will be dual listed on the New Zealand and Australian stock exchanges.
Z Energy operates more than 250 petrol stations and truck stops and has a 17 percent stake in the country's only oil refinery. It was formerly owned by Shell International.
($1 = 1.2326 New Zealand dollars) (Reporting by Gyles Beckford; Editing by Paul Tait)
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