Z Energy shareholders, Infratil Limited and NZSF Aotea Limited (on behalf of the New Zealand Superannuation Fund) announced last week that their joint owned company Z Energy Holdings Limited conditionally agreed to sell 60% of Z Energy in its Initial Public Offer (IPO), realising gross proceeds of NZ$840m (NZ$420m each). The Final Price per Offer Share was finally set at $3.50, in the middle of the indicative price range of $3.25 - $3.75. Infratil Limited's and NZSF Aotea Limited's retained shareholding in Z Energy will be 40%. Today, shares commenced trading on the NZX Main Board. The stock traded as high as 3.74 New Zealand dollars (US$3.03), or 6.9% above its NZ$3.50 offer price. More than 42 million shares changed hands during the first day of trading, which saw the stock close at NZ$3.66. Infratil CEO Marko Bogoievski said the market's response to the IPO was very strong across the board.