QR National IPO raises $4.5bln, priced at lower end

SYDNEY, Nov 20 (BestGrowthStock) – Australia’s Queensland state
government raised A$4.6 billion ($4.54 billion) on Saturday
with the float of its QR National rail-freight business,
pricing the shares near the bottom end of its indicative price
range.

The Queensland government said it was selling 60 percent of
QR National in Australia’s biggest float in more than a decade,
for total proceeds of A$4.6 billion, including $4.05 billion
worth of shares allocated to investors.

The government will retain up to 40 percent in the firm,
which relies heavily on a coal-haulage business with China as
its main customer.

QR National breaks a drought in large share offers in
Australia since the global economic downturn, and investors
hope a successful float may open the door to a series of
stalled IPOs in the new year.

The shares are due to start trading on the Australian stock
exchange on Monday under the symbol QRN (QRN.AX: ).
(Reporting by Narayanan Somasundaram; Editing by Mark
Bendeich)

QR National IPO raises $4.5bln, priced at lower end