The NZX hasn't seen a major listing like this in five years, and it's a solar one.

Simpson Grierson advised Forsyth Barr and Jarden, as Joint Lead Managers, on Lodestone Energy's initial public offer, with shares set to begin trading on 22 October at $2.25 each.

A first for the exchange, and for renewable energy

This is more than just a big number, it's the NZX's first-ever listing built entirely around utility-scale solar generation, and its first significant IPO since Winton Land in 2021. Lodestone is chasing between $75 million and $100 million, valuing the business at up to $465 million, with every dollar earmarked for building more solar farms and growing its customer base rather than cashing out existing shareholders.

From five farms to a national fleet

Lodestone already powers the equivalent of more than 33,000 Kiwi homes a year through five operating solar farms, with a sixth under construction and a target of 16–18 farms by FY32. It’s now taking that same model into households and small businesses.

Our role

Simpson Grierson acted for the Joint Lead Managers, Forsyth Barr and Jarden, on this milestone transaction. The team was led by Partner James Hawes, supported by Senior Associate Josiah Koh and Solicitor Will Richardson.