NZ asset sales raise $NZ4.7bn

Dual-listed Genesis Energy will begin trading on Thursday and its IPO has raised $NZ733m for the Future Investment Fund.

The initial public offering of New Zealand’s Genesis Energy has raised $NZ733 million for the country’s Future Investment Fund, bringing the total proceeds from the four state asset sales by Prime Minister’s John Key government to $NZ4.7 billion.

New Zealand’s Finance Minister Bill English said the Mighty River Power, Meridian and Genesis Energy IPOs together added more than $NZ8.85bn in market value to the NZX. The government also sold part of its stake last year in Air New Zealand.

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