QR National makes ASX debut

QR National made its long-awaited debut on the Australian Stock Exchange at $2.54 today, rising to $2.68 after midday

QR National makes ASX debut
QR National makes ASX debut

By Jayne Munday | November 22, 2010

QR National made its long-awaited debut on the Australian Stock Exchange at $2.54 today, after the Bligh Government's initial
public offering
raised more than $4 billion in proceeds for Queensland.

Institutions paid $2.55 a share after it was priced late last week at the lower end of its anticpated $2.50 to $3 price range.

The Queensland
Government owns the majority stake in the company; at 33.7 percent of shares.

This is followed by The Children’s Investment Fund Management (UK) LLP (6.1 percent of shares) and First State Investments (5.1 percent).

Queensland Treasurer Andrew Fraser says the time is right for QR National to forge ahead in the private sector, despite public opinion
being divided
over the the State's asset sell-off.

"This is a significant moment for the Queensland economy and for QR National," Fraser says of the listing.

"QR National's growth will now be funded by the private sector, investing in infrastructure that will deliver greater efficiencies for our export supply chain," he says.

According to Fraser, a considerable level of retail interest was backed up by strong institutional demand.

"This Share Offer was always going to be of great interest to those with a long-term view and a well-established knowledge of railway companies," he says.

With the 10 cent discount, retail investors received shares at the price of $2.45.

"The retail component of QR National upon listing will be around 34 percent of the total Share Offer, comprising approximately 80,000 retail shareholders," Fraser says.

"Queenslanders will play a big role in the company's future, accounting for around 37 percent of that Retail Offer," he adds.

QR National’s share price had risen to a high of $2.68 just after midday today (EST).

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