Genesis Energy Raises NZ$400m as Rights Offer Bookbuild Clears at Premium

Genesis Energy Limited ( (DE:1G6) ) has provided an announcement.

Genesis Energy, one of New Zealand’s largest integrated energy companies, retails electricity, natural gas and LPG to about 500,000 customers and runs a diversified portfolio of thermal and renewable generation assets. It also owns a 46% interest in the Kupe Oil and Gas Field and reported NZ$3.7 billion of revenue in the year to 30 June 2025, reinforcing its position as a major player in the country’s energy sector.

Genesis has completed the shortfall bookbuild for its NZ$300 million underwritten 1-for-7.9 pro rata renounceable rights offer, with a clearing price of NZ$2.22 per new share, a NZ$0.17 premium to the NZ$2.05 offer price. As a result, eligible and ineligible shareholders who did not fully take up their rights will receive NZ$0.17 per unexercised share right, and together with a prior NZ$100 million placement the equity raising totals about NZ$400 million, bolstering the company’s balance sheet and funding capacity while leaving new shares ranking pari passu with existing stock.

Settlement of the rights offer is scheduled for 24 March 2026 on the ASX and 25 March 2026 on the NZX, with allotment and trading of the new shares expected to commence on both exchanges on 25 March 2026. The successful pricing and completion of the bookbuild at a premium underscore solid investor demand for Genesis equity, potentially supporting its future investment plans and affirming market confidence in its long-term strategy and earnings profile.

More about Genesis Energy Limited

Genesis Energy is a diversified New Zealand energy company and one of the country’s largest power retailers, supplying electricity, reticulated natural gas and LPG to around 500,000 customers. It generates electricity from a mix of thermal and renewable assets across New Zealand and holds a 46% stake in the Kupe Oil and Gas Field, reporting NZ$3.7 billion in revenue for the year to 30 June 2025.

The company operates across generation, retail and upstream interests, giving it broad exposure to New Zealand’s energy value chain and positioning it as a key player in both conventional and renewable power markets. Its scale, asset diversity and Kupe joint venture interest underpin its strategic role in the national energy system and its appeal to income-focused investors.

This integrated model supports stable cash flows and provides a platform for capital-raising initiatives like rights offers and placements, which can fund investment, balance sheet management and strategic growth. Genesis’s dual listing on NZX and ASX also broadens its investor base and access to equity capital in the Australasian markets.

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