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Mighty River Power Ltd IPO Raises $1.43 Billion-Reuters

Wednesday, 8 May 2013 03:47am EDT 

Reuters reported that Mighty River Power Ltd's Shares have been sold at NZD2.50 each, near the middle of the indicative range, raising around NZD1.7 billion ($1.43 billion), the government said. The Company is the first scheduled to have a minority stake sold to the public by the New Zealand government to raise up to NZD7 billion to repay debt and return to a budget surplus. The final price was set after a book building process with institutional investors. An initial price range of NZD2.35 to NZD2.80 had been indicated when the offer was opened. The New Zealand government has sold 686 million shares in Mighty River, 49%, to retail and institutional investors. The Company will debut on May 10, 2013. 

Company Quote

0.015 +0.28%
11:29am EST