Lodestone Energy targets NZX debut on Oct. 22, first big listing in five years

Lodestone Energy, a utility-scale solar developer founded in 2019, intends to list on the New Zealand Stock Exchange on Oct. 22, the first substantial flotation on the market in almost five years. The company set a reference price of $2.25 per share and may issue up to 206.66 million shares, which would give it a market capitalisation of roughly $465 million. The public offering, open from Sep. 29 to Oct. 14, seeks to raise $75 million to $100 million, with all proceeds directed to building additional solar farms, expanding its customer portfolio and other corporate purposes; no current owners are selling shares.

Lodestone already generates fully renewable electricity from farms across the North and South Islands and sells power through a “virtual rooftop” model to commercial, industrial and now retail customers. The last comparable NZX listing was property firm Winton in Dec. 2021.