According to New Zealand Finance Minister Bill English, local brokers have committed to purchase nearly 45% of shares offered at IPO by Meridian Energy Ltd. The bids made for their respective clients reached 565 million shares, as confirmed through an emailed statement.

The offer of 1.26 million shares open today with New Zealand applicants being offered NZD1.60 per share, with the first installment payment for the shares pegged at NZD1.00.

The government is seeking to raise nearly NZD2 billion or USD1.7 billion from the sale of nearly half of the outstanding shares of stock in Meridian. The company is the country's largest power generator. The current IPO sale is the second one done under a program expected to net NZD5 billion overall.

According to the statement from Minister English, "The initial pre-commitment from New Zealand brokers just one week after the offer document was lodged is pleasing. Feedback from brokers has been supportive of the offer, with Meridian's strong forecast dividend yields, the price cap and the enhanced dividend yield provided by the installment payment structure, proving to be attractive."