Contact Energy has completed its $351 million capital-raising.
Institutions have bought the shares that had not been sold in a one-for-nine share offer that closed earlier this month.
Nearly 95% of investors took up the $5.95-per-share offer earlier in the month.
After a bookbuild on Wednesday, 3.8 million shares were sold at $5.85 each.
Contact Energy plans to use the money to strengthen its balance sheet and fund the building of new generation plant.
It's shares rose 21 cents to $6.02 on Wednesday.