10 Jul 2013

Report suggests Z Energy heading to sharemarket

6:50 pm on 10 July 2013

Z Energy is refusing to comment on a report in the Australian media that it is trying to raise about $700 million to list with a $1.5 billion market capitalisation next month.

The Australian Financial Review is reporting that early indications are about 30 - 40% of the raising could come from offshore investors, with Australians being targeted to take up most of the stock.

It says analysts from Goldman Sachs and Deutsche Bank are in charge of selling shares outside New Zealand and are meeting Australian fund managers this week.

Z Energy managers are expected in Australia in about two weeks.

The fuel refining and retail petrol station business is owned by infrastructure manager Infratil and the Guardians of the New Zealand Superannuation Fund.

The Financial Review says the two are seeking to sell about a 50% stake at the initial public offering and the offer structure will be known in a fortnight.