New Zealand would be gathering USD 1.6 billion or NZD 1.88 billion from the initial public offering of Meridian Energy Ltd. The state-owned power company would be selling shares to investors at NZD 1.50 per share. This was the low range of the NZD 1.50 to NZ 1.80 offer range for the share. Finance Minister Bill English said in a statement issued today investors would be paying the NZD 1 for each share upfront. The remaining amount would be paid 18 months later. For retail buyers, the government capped the price at NZD 1.60 per share.

According to English, an estimated 749 million Meridian shares were sold to retail investors. This comprised 60% of the 1.26 billion available shares. He also disclosed that institutions in New Zealand got 160 million shares while fund managers abroad took 347 million shares. In May, Goldman Sachs Group Inc, Macquarie Group Ltd and a Deutsche Bank and Craigs Investment Partners partnership was tapped to manage the Meridian IPO.