Z Energy Ltd. announced that they are planning to raise as much as NZD900 million or US$717 million through an initial public offering next month. The proposed IPO will reduce New Zealand Superannuation Fund's 50% stake along with Infratil Ltd.'s 40% stake claim in the company. The company said that the IPO could raise a minimum of NZD650 million depending on the decision of owners on how much stake they plan to retain.
Z Energy said that they are in talk with investors regarding the financial performance after Z Energy's owners appointed advisers regarding the possible share sale.
"This listing is an opportunity for investors to take a stake in a major infrastructure and retailing company," Infratil Chief Executive Officer Marko Bogoievski said. Bogoievski announced that he will step down as Z Energy's chairman but remain as one of the company's board of directors.
Goldman Sachs New Zealand Ltd. and First NZ Capital Group Ltd. were hired as arrangers and as joint lead managers for the public offering. Forsyth Barr Ltd and Craigs Investment Partners Ltd./Deutsche Bank AG will act as the joint lead managers for the deal.
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