The IPO of state-owned green power company Meridian Energy Ltd has raised $1.66 billion for the New Zealand government, in what is expected to be the fourth-largest listing in the Asia-Pacific this year.

The float saw the sale of a 49 per cent stake in New Zealand’s largest power company at a price of NZ$1.50 per share – the very bottom of a projected range of between NZ$1.50 – NZ$1.80. Prices were pegged low in order set the stage for a strong performance…