Deals
Fate of NZ Asset Sales May Rest on Performance of One Stock
This article is for subscribers only.
The fate of New Zealand’s asset-sales program may rest on the performance of one stock.
Meridian Energy Ltd., the biggest of four state-owned companies in the program, rose to NZ$1.09 on debut in Wellington today from its NZ$1 issue price after the largest initial public offering in New Zealand’s history. The shares were priced at the bottom of the government’s projected range after Mighty River Power Ltd., the first of the IPOs in the sovereign sell-off, fell from its listing price.