Treasury picks three lead managers for Mighty River Power IPO

First New Zealand Capital working with Credit Suisse Australia, Macquarie Capital New Zealand and Goldman Sachs New Zealand have been anointed joint lead managers for the partial sale of Mighty River Power via an initial public share offer.

They were today named by Treasury along with Bell Gully as legal adviser.

Decisions on the design of the IPO will be made in coming months.

“The IPO of a minority share in Mighty River Power is a substantial transaction and is likely to require greater capacity than be provided by any single firm,” Treasury said.

Another three - UBS New Zealand, Forsyth Barr working with Merrill Lynch, Deutsche Bank and Craigs Investment Partners – may pick up work on later IPOs.

Belly Gully was appointed from a panel comprising four firms, the other three being Chapman Tripp, Russell McVeagh and Simpson Grierson.

Treasury says the fees the joint lead managers and legal adviser will earn are commercially sensitive but they will be disclosed in the offer documents for the IPO.

The joint lead managers will provide project management, consultancy, execution and advisory services fro the sale of a minority stake of Mighty River Power.

Last year the government said that Mighty River Power should be the first company prepared for IPO, which would most likely happen in the third quarter of next year.

(BusinessDesk)

BusinessDesk.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Printable version

Related News

Treasury picks Wellington PR and ad agencies for first privatisation
TeamTalk lifts first-half profit 15.5% to a record
Abano 1H profit tumbles 53%
Kiwibank 1H profit recovers from quake, GFC impacts
Department of Labour lifts prohibition notice on Solid Energy's Spring Creek mine
APN offsets A$45mln FY loss with A$190mln from sale of outdoor stake
Ports of Tauranga 1H profit rises 22%
Vital Healthcare returns to 1H profit
Tourism Holdings returns to profit
Vector earnings up 6.9%, court battles dominate agenda