Friday 27th January 2012 |
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First New Zealand Capital working with Credit Suisse Australia, Macquarie Capital New Zealand and Goldman Sachs New Zealand have been anointed joint lead managers for the partial sale of Mighty River Power via an initial public share offer.
They were today named by Treasury along with Bell Gully as legal adviser.
Decisions on the design of the IPO will be made in coming months.
“The IPO of a minority share in Mighty River Power is a substantial transaction and is likely to require greater capacity than be provided by any single firm,” Treasury said.
Another three - UBS New Zealand, Forsyth Barr working with Merrill Lynch, Deutsche Bank and Craigs Investment Partners – may pick up work on later IPOs.
Belly Gully was appointed from a panel comprising four firms, the other three being Chapman Tripp, Russell McVeagh and Simpson Grierson.
Treasury says the fees the joint lead managers and legal adviser will earn are commercially sensitive but they will be disclosed in the offer documents for the IPO.
The joint lead managers will provide project management, consultancy, execution and advisory services fro the sale of a minority stake of Mighty River Power.
Last year the government said that Mighty River Power should be the first company prepared for IPO, which would most likely happen in the third quarter of next year.
(BusinessDesk)
BusinessDesk.co.nz
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