AlintaGas price released

ALINTAGAS shares to the public will cost $2.25 each from September 11.

Energy Minister Colin Barnett said the initial public offering represented 55 per cent of the utility’s issued capital.

The 88 million shares released to the public will raise $198 million.

The WA Government expects to receive $967 million from the utility’s sale.

It is receiving $319.5 million from WA Gas Holdings – a consortium of Utilicorp United and United Energy.

Mr Barnett said 66 million shares would be offered to the public. Another 22 million shares will be issued to institutions at a price ranging between $2.10 and $2.40.

“I expect 75 per cent of the shares will be owned by Western Australians,” he said.

Mr Barnett said 190,000 Western Australians had pre-registered their interest in buying shares in AlintaGas either directly or via their brokers.

These people have a priority position in the initial public offering .

“Starting on September 11 they will receive – by mail – a public offer document with a personalised priority application form entitling them to more than 25 per cent more than the minimum allocation,” Mr Barnett said.

“People who have not pre-registered and want to buy shares can go into the general pool where there are no guarantees of any minimum share allocation.

“In the institutional offer, the final price will be set after book-build on October 12 and 13.

“Retail investors will pay the lower of the retail application price and the final institutional price.

“The final institutional price will be announced shortly before AlintaGas securities are listed on the Australian Stock Exchange in October.”