Mighty River Power (MRP) lists this Friday. Investor interest in MRP broke records for a New Zealand IPO in terms of demand from local retail and global institutions. MRP was placed at $2.50 a share (slightly below the mid-point of the $2.45-$2.80 range). At $2.50, MRP will list at a cash yield of 5.2%, using a 2014 prospectus dividend forecast of 13 cents. Topping up with imputation credits, New Zealand investors are likely to get a gross yield closer to 7.2%.
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