Z Energy Ltd's owners, a gas station conglomerate that provides one third of all of New Zealand's fuel needs, has appointed a number of banking institutions for the possible sale of as much as 60% of the company on the public bourse.
The joint investors in Z Energy, the New Zealand Superannuation Fund and Infratil Ltd, had appointed the First NZ Capital Group Ltd as well as Goldman Sachs New Zealand Ltd as arrangers with Deutsche Bank AG/Craigs Investment Partners Ltd with Forsyth Barr Ltd as joint lead managers in its partial IPO flotation.
According to a statment by Infratil CEO Marko Bogoievski, "While we have not yet fully committed to a listing or confirmed the detail around a listing, work is progressing well and is on track for a potential listing in the third quarter of the year." The owners confirmed last March that they can sell as much as 60% of the public share sale.
Both Infratil and New Zealand Superannuation could raise as much as US$565 million from the share sale, according to a report by the Wall Street Journal, citing anonymous sources familiar with the transaction. The sale would also be the second largest done in New Zealand after the 49% offer for Mighty River Power Ltd by the New Zealand government.
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