Vector is New Zealand 's largest energy network infrastructure company with operations i n the electricity, gas and telecommunications fields.
The listing follows a decision by Vector to issue new shares in the company by way of an initial public offer (IPO). The IPO raised $592.6 million. The 249 million new shares issued represent 24.9% of the company.
“Vector's listing of equity means New Zealand investors now have an opportunity to buy a stake in one of the country's most important infrastructure companies. Vector's arrival also adds breadth and diversity to the market,” NZX chief executive Mark Weldon said.
“It is extremely positive to see a company the size of Vector join the capital market. It is positive for the company, the market and the country.”
“The outstanding response to the offer shows there is strong investor appetite for quality companies in New Zealand,” Weldon said.
Shares in Vector will be quoted on the NZSX Market under the security code VCT from 11am today. The company will rank between 10th and 20th in the NZX-50 Index by free float market capitalisation.
Vector shares will be added to the NZX 50 Index and related Indices in tranches to ensure the price or market liquidity are not distorted.
Vector's IPO, the third equity raising this year, is the largest by a New Zealand-domiciled company since the $1.12 billion Contact Energy IPO in May 1999.
So far this year a total of $2.28 billion in capital has been raised on NZX's equity and debt markets.
