Z Energy shares will start trading on Monday morning at $3.50 each, in the middle of the indicative price range.
Current owners, infrastructure investor Infratil and the New Zealand Superannuation Fund, will sell 60% of their stake and realise $840 million between them.
Three years ago, Infratil and the super fund paid $697 million for the entire company.
Infratil chief executive Marko Bogoievski says demand for the shares far exceeded supply.
"You've got to be pleased any time you go through a process like this and get this level of interest," he says.
Mr Bogoievski says the company has good prospects, is well positioned and is returning a reasonable yield.
"In this sort of environment those are attributes that I think most investors are looking for."
Mr Bogoievski says realising so much from an investment doesn't happen very often.