Contact Energy completes NZ$450M institutional placement

Contact Energy (ASX:CEN) has completed its NZ$450 million fully underwritten placement, marking a significant milestone in its broader NZ$525 million equity raise strategy.

The bookbuild for the placement, which concluded shortly after its Feb. 16, announcement, saw demand from a diverse pool of existing shareholders and new international institutional investors.

The company emphasised a commitment to shareholder equity during the allocation process.

Contact confirmed that all eligible shareholders who bid for their pro-rata portion were granted at least that amount, ensuring that long-term holders were not disproportionately diluted by the influx of new capital.

The new ordinary shares are slated to rank equally with existing shares once settlement occurs—expected on Feb. 19 for the ASX and Feb. 20 for the NZX.

Following the institutional success, Contact is now pivoting toward its retail offer, aiming to raise an additional NZ$75 million.

At the time of reporting, Contact Energy's share price was $7.82.