GasNet shares closed at $2.02, compared with the $2 paid by investors in the float. About 15.2 million shares changed hands, equivalent to nearly 12 per cent of the company.
US energy group GPU raised $260 million from the float of GasNet, which it bought from the Victorian Government in 1999 for $1.025 billion. GasNet retains $556 million in debt, giving the business an enterprise value of $826 million.
GasNet pitched its offer at retail investors, marketing itself as a stable, high-yielding asset to own at a time of sharemarket volatility, but it also attracted 50 institutional investors who account for 20 per cent of the stock.
The business derives 80 per cent of its revenue from its regulated pipeline network and forecasts revenue of $99.7 million, EBITDA of $75.6 million and net profit of $31.3 million in calendar 2002.
