The Government's biggest privatisation project passed a milestone on Friday, with the deadline for applying for shares in Meridian Energy closing at 5pm.
So far, small investors appear keen, but financial experts say large-scale money managers might prove wary.
The Government is selling 49% of Meridian Energy, the country's biggest electricity company. According to brokerage firm Hamilton Hindin Greene, many small scale investors are keen to buy some of that.
However, the firm says small investor enthusiasm for Meridian might be cancelled out by a tepid attitude among big money managers, due to a poor performance by Mighty River Power after it was floated earlier this year.
Phillip Anderson, of Devon Funds Management, says there is another worry: plans by the Labour and Green parties to dump the current electricity market.
"When you at the two scenarios for Meridian after it lists, one is the National policy platform and one is the Labour one. The valuation for the company looks quite different under the two, and it'll be considerably lower under the Labour scenario."
Mr Anderson says this possibility will pull the final share price for Meridian Energy down.
The final share price will not be known until after so-called book building is completed on Wednesday evening, after which the price will be unveiled. It is expected to be between $1.50 and $1.80 a share, with the price for ordinary investors capped at $1.60.
