It is understood $300 million of the shares on offer have been pre-allocated to a select group of industry and pension funds at a weighted average price of $8.12.
A hefty chunk of Auckland International Airport shares were set to fly on Thursday.
Those funds had been seeking to pre-empt what would be a “broadly-distributed” bookbuild to secure sizeable allocations, sources said. The remaining shares, representing a $517 million slice of the company, have been underwritten by UBS at Thursday’s volume weighted average price of $7.82 a share, and will be sold via a variable bookbuild up to a maximum price of $8.20.
Investors were expected to scramble for the rump of the block, given it’s been one of the most highly anticipated ECM deals of the year and follows an announcement by Auckland Council on June 30 that the shares would be sold.Auckland is New Zealand’s largest airport and has been recovering from border closures triggered by the pandemic. It processed 9.6 million domestic passengers in the 2019 financial year, which had only recovered to 6.9 million passengers for the year ending December 31. .
Its $287.8 million first-half revenue was about 78 per cent of pre-pandemic levels, while the underlying after-tax profit was $67.9 million.
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