Mighty River pre-registration exceeds 335,000
Pre-registration for Mighty River Power shares has cracked 335,000 in 10 days.
New Zealanders have until March 22 to pre-register their interest.
Those who do may be allocated up to 25% more shares than those who do not pre-register – if demand for shares exceeds the number of shares available.
Pre-registration numbers had reached 335,374 before 9am today, which has reportedly “pleased” state-owned enterprises minister Tony Ryall.
The number compares with the 220,000 New Zealanders who pre-registered for shares in Contact Energy in 1999. That offering took 10 days to reach the 100,000 pre-registration mark.
Craigs' Investment Partners’ head of research Grant Swanepoel told NBR ONLINE the figure for Mighty River Power pre-registration is “no better or worse than we expected”.
He says the company is seen as a New Zealand gem and people trust it.
Provided the price is right when the shares are offered, he expects most of those who have pre-registered to turn into investors.
“Pre-registration isn’t just one click ... people have to be serious about it if they want to enter their details and IRD number.”