New Zealand:

Mighty River IPO Raises Record $1.4 Billion (Reuters)

The New Zealand government raised a record NZ$1.7 billion ($1.4 billion) from the sale of a minority stake in power company Mighty River Power Ltd on Wednesday, kicking off a major state asset sale program with Asia's third-largest initial public offering this year.

The final price of NZ$2.50 per share was set after a book building process with institutional investors. An initial price range of NZ$2.35 to NZ$2.80 had been indicated when the offer was opened.

The New Zealand government sold 686 million shares in Mighty River, a 49 percent stake, to retail and institutional investors. The company will debut on the New Zealand Stock Exchange on May 10.

Mighty River, which has nine hydro, five geothermal, and one gas-fired station, produces just under a fifth of the country's power and has 390,000 retail customers.

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