Updated
QR National will be listed at $2.55 a share, with retail investors paying $2.45. (ABC News: Nic MacBean)
Queensland Premier Anna Bligh says she is feeling confident about today’s listing of QR National on the stock exchange, but the Opposition says the asset sale is going to be a ‘flop’.
It is Australia’s biggest public float since Telstra, with the QR National shares to hit the market at 11am (AEST),
The State Government will raise $4.6 billion at the lower end of expectations.
The coal freight business will be listed at $2.55 a share, with retail investors paying $2.45.
Ms Bligh says there has been strong interest from investors and she is not feeling nervous.
“We believe it’s going to see strong growth and that’s why I’m not nervous,” she said.
“We’ve seen two-and-a-quarter times as many people wanting to buy shares as are available.
“We’ve scaled back on institutional and retail buy, so that tells me there’ll be a lot of people in the market looking to build up their share holding in this.”
Ms Bligh says the State Government will still own about 40 per cent of the company until 2012.
“We think we’ll see strong growth over the next couple of years and taxpayers will get even more value,” she said.
‘Flop’ float
But Opposition treasury spokesman Tim Nicholls says the result is already clear.
“This has been a flop in every way imaginable for a float of one of Queensland’s assets,” he said.
“The Premier should be very nervous she knows that this is a very unpopular asset sale and the reality is it’s come in at the lowest end of the expected range.”
Mr Nicholls says Ms Bligh should be worried about the political ramifications of the float.
“Queenslanders will want to know why the price they’ve got for the jewel in the crown of the assets that they own has been so low and then those investors who have invested will be disappointed if the price comes down from the $2.45 that effectively retail investors are being asked to pay,” he said.
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