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

Top of the south working group advocates seek focus in fishery preservation Quirky QT hotel brand coming to Queenstown More than 500 job losses as more Pumpkin Patch stores to close Rolls-Royce emerges tarnished, but lucky despite NZ$1.15b fine Donald Trump's appointment of Xero's Chris Liddell: Does NZ not care about the values of its business leaders? Investigations but no progress on Christchurch-Dunedin passenger train, KiwiRail says Spark joint-venture Southern Cross commits first $8m for new Pacific cable Baby City fined $39k for selling non-compliant cots NZ Bankers' Association warns about survey scam 23 complaints about child photography business shamed for Northland privacy breach

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