Lodestone Energy was founded in 2019 to bring utility-scale solar to the New Zealand electricity market. It develops, constructs and operates utility-scale solar farms across New Zealand and sells the electricity it generates directly to consumers. Its vertically integrated business model combines solar farm development, construction management, operations and maintenance, electricity generation sales and retail capability, allowing it to control more of the value chain as it scales.
Since founding, it has commissioned five solar farms with a combined operating capacity of 169 MWdc, representing expected annual generation of 266 GWh of first-year P50 electricity generation and the equivalent of enough electricity to power more than 33,000 homes annually.
The purpose of the Offer was to raise capital to facilitate Lodestone Energy's growth through the continued construction of new solar farms within its development pipeline and the expansion of its customer base as well as general corporate purposes. In addition, some of the proceeds were used to fund Offer costs.
The Offer successfully raised $75 million with around 10,000 new shareholders backing the New Zealand renewable energy company and its vision of a solar farm in every community as it begins life on the stock exchange.
The $75 million raised through the IPO will help fund Lodestone's substantial development pipeline and expand its electricity customer base. The company is targeting 16 to 18 operating solar farms by FY32, with plans to bring two to three new farms into operation each year.
The Offer comprised of:
the General Offer;
the Broker Firm Offer; and
an Institutional Offer.
The General Offer was a general public offer to subscribe for Shares.
The Offer Price was $2.25 per Share. In determining the Offer Price, consideration was given to the following factors:
the level of interest for participation in the General Offer received
by Lodestone in the priority registration process conducted before
the date of the PDS;
pricing indications from Institutional Investors and Brokers; and
Lodestone Energy's desire for an active trading market for the Shares on the NZX Main Board.
Shares were allotted to investors on 21 October 2026. Applications were accepted in full with no scaling applied.