An equity analyst says the stock market is over-valued and the easy money has already been harvested.
Last week the Government released its prospectus for the partial float of the energy company, Mighty River Power, and shares have been priced at between $2.35 and $2.80 each.
The final price of shares in Mighty River Power will be confirmed early next month, with an expected listing shortly after.
Morningstar senior analyst Nachi Moghe thinks shares for the company will be over-subscribed.
He said it's a good prospect which is likely to be a strong, steady business which generates reasonable cash flows.
Mr Moghe said it will appeal to income oriented investors because it's likely to have a good dividend in the region of 4 - 5%.
He said overall the market is modestly overvalued and there are opportunities in certain stocks, but other stocks are overvalued.
Mr Moghe said examples of stocks which are too expensive include the Port of Tauranga which is about 20% above a fair value, Ryman Healthcare is about 15% above where it should be valued and The Warehouse.