Meridian gains to $1.08 in NZX debut after tepid IPO lures smaller pool of kiwis

Tue, 29 Oct 2013

Oct. 29 (BusinessDesk) - Meridian Energy’s instalment receipts debuted at $1.08 after tepid demand in the initial public offering saw the stock sold at the bottom end of its indicative range and with a smaller-than-expected pool of investors. The shares were offered in instalment receipts to sweeten the offer, with $1 upfront and the promise of full entitlement to dividends, and the remaining 50 cents in May 2015. The float will raise $1.88 billion after the two instalment payment programme completes in 2015. They recently traded at $1.07 wit...

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