Genesis roadshow heads offshore

Last updated 08:52 26/02/2014
Genesis
Supplied

Genesis Energy Huntly powerstation.

Genesis
Supplied
Genesis Energy Auckland headquarters.

Relevant offers

Industries

The biosecurity threats to the New Zealand economy Air New Zealand to add more than 650,000 domestic seats Wellington Airport returns at 'acceptable' levels Lucy Lawless film new show in Auckland Wellington needs a runway extension: Property Council Auckland company fined after employee crushed by truck ACC revamp to cost $750m to $950m Jam and preserves company Barker's sold to Andros group NZ greenhouse gas levels ease but remain well above 2020 target levels John Key opens new Tait Communications building

Australian fund managers are up to their necks in half-year and annual reports but already they are being asked to make time for the next initial public offering hopeful, New Zealand power company Genesis Energy.

Genesis management is on its way to Asia to meet with prospective investors later this week, and will be in Sydney next Monday and Tuesday, before heading to Melbourne on Wednesday.

While the presentations are likely to be early-stage and short on specific financial information, Genesis's meetings shape as the first management roadshow post reporting season.

UBS and Credit Suisse are managing the float, along with Credit Suisse's NZ affiliate, First NZ Capital.

Genesis is the third New Zealand power privatisation in the past 12-months and the government is seeking to sell a 49 per cent stake in a dual-New Zealand and Australian float in April.

Genesis, the country's largest energy retailer, made a $105 million profit in the 2012-13 financial year, on $2.1 billion revenue and $3.8b in assets.

Fund managers are already preparing to talk tough on pricing, after suffering mixed experience with previous two privatisations, Mighty River Power and Meridian Energy.

Finance Minister Bill English will announce more details around the selldown in a speech in Auckland at lunchtime today.

Ad Feedback

- AFR

Comments

Special offers

Featured Promotions

Sponsored Content