Lodestone Energy (NZX: LOD) made its debut on the NZX Main Board at midday on 22 October 2026, welcomed by around 10,000 new shareholders backing the New Zealand renewable energy company and its vision of a solar farm in every community.

IPO valuation and investor participation

The listing follows a USD 75 million initial public offering, which the company describes as the first significant IPO in New Zealand in approximately five years.

The offer attracted a broad mix of investors, with almost half of the capital raised coming from new retail investors and the remainder from institutional investors and existing shareholders.

Shares were offered at USD 2.25 each, implying a post-IPO market capitalisation of USD 440 million and a post-IPO enterprise value of USD 513.6 million on listing.

Founder hails milestone moment

Gary Holden, Managing Director and Founder of Lodestone Energy, described the listing as a moment to celebrate.

"Having around 10,000 investors back Lodestone is pretty special. It shows people believe in what we're trying to achieve, including our plan to build a solar farm in every community. We've had strong support from people who've been with us for years, and it's fantastic to welcome so many new shareholders on board," said Holden.

He noted that six years on, the company has built a business that generates renewable electricity and sells it directly to customers and said Lodestone is now ready for the next stage of its growth: building more solar farms and selling electricity to more New Zealand homes and businesses.

All existing shareholders retained their shares through the IPO and remain invested alongside new shareholders, with their existing holdings subject to escrow arrangements following listing.

Five operating farms and a sixth under construction

Lodestone currently has five operating solar farms across New Zealand, with expected annual generation equivalent to the electricity needs of more than 33,000 average New Zealand homes. A sixth farm is under construction in Hawke's Bay.

The company distinguishes itself from businesses that simply develop solar farms and sell electricity into the wholesale market. Lodestone also sells electricity directly to customers, including some of New Zealand's best-known businesses, such as The Warehouse Group, Inghams, and Briscoes.

The company has also begun selling electricity to households and small businesses in Hawke's Bay and plans to expand this retail offering.

Growth pipeline funded by IPO proceeds

The USD 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.

Holden said the focus now is on delivering that plan. "We're proud of what we've built, and we're excited about what's ahead. New Zealand is going to need a lot more electricity, and we see a real opportunity for solar to help meet that demand," said Holden.

"We've spent six years learning how to build solar farms more efficiently and connect the electricity we generate with customers. We have the people, the experience, and a strong pipeline of projects. Now it's about putting that experience to work, building more farms, reaching more customers, and delivering on what we've set out to do," he said.

The announcement was authorised by Gary Holden, Managing Director and Founder of Lodestone Energy.

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