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TRUenergy Said to Appoint Three Banks for $3 Billion IPO

TRUenergy Said to Appoint Morgan Stanley, UBS for $3 Billion IPO
Steam billows from the cooling towers of TRUenergy Holdings Pty's Yallourn coal-fired power station in the Latrobe Valley, Australia. Photographer: Carla Gottgens/Bloomberg

TRUenergy Holdings Pty. hired Bank of America Corp., Deutsche Bank AG and UBS AG to manage an initial public offering that may raise about A$3 billion ($3 billion), said two people with knowledge of the matter.

The sale of a minority stake in the electricity company may take place as early as November depending on equity market valuations, said the people, who declined to be identified as the details are private.

An IPO of the company, owned by CLP Holdings Ltd., would be Australia’s biggest since 2010. TRUenergy owns the Yallourn coal-fired power station in Victoria state and the Tallawarra gas-fired plant in New South Wales. In December 2010, it agreed to buy electricity assets from New South Wales, including distributor EnergyAustralia, for A$2.04 billion to double its retail customers in Australia.

Carl Kitchen, a spokesman for TRUenergy in Melbourne, declined to comment on the selection of banks.

State-owned rail operator QR National Ltd. raised A$4.63 billion in a share sale in November 2010. U.S. insurer and mortgage guarantor Genworth Financial Inc. postponed the planned IPO of its Australian unit in April after “elevated” losses at the division.

Zurich-based UBS has held the top spot among equity underwriters in Australia and New Zealand for the past five years, according to data compiled by Bloomberg. Bank of America was one of the banks involved in the QR National listing in 2010, the data show.

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