Lodestone Energy to list on NZX in October

Solar power company Lodestone Energy plans to list on the NZX on 22 October. The company intends to raise between $75 million and $100 million through an initial public offering (IPO). The share price is set at a reference price of $2.25 per share.

The IPO is scheduled to open on 29 September and close on 14 October 2026. This represents the first major listing on the exchange since the property company Winton in December 2021. Up to 206.66 million shares may be listed, which could result in a market capitalisation of $465 million.

No current shareholders are selling through the offer. Capital raised will be used to fund the construction of more solar farms, expand the company's customer base, and for general corporate purposes. Managing director Gary Holden stated, "The IPO allows us to continue doing what we have been doing, but at greater scale".

Lodestone Energy currently operates five solar farms across the North and South Islands, providing enough electricity for more than 33,000 average New Zealand homes annually. A sixth farm is currently being built at Ongaonga Road in Hawke's Bay. The company aims to have between 16 and 18 operating solar farms by 2032.

Where reports differ

• One report states the company aims for 16 to 18 operating solar farms by 2032, while another says up to 18 by the 2032 financial year
• The potential market capitalisation is reported as $465 million in one report and between $440 million and $465 million in another

Compiled from reports by NZ Herald and The Post.