Lodestone Energy Limited

New Zealand solar generator and electricity retailer (often called Lodestone Solar). Not a farm-gate agri name: it develops, owns and operates utility-scale solar farms and sells power direct to commercial customers (Warehouse Group, Inghams, Briscoes) plus households in Hawke’s Bay. Founded 2019. Five farms operating at listing, a sixth under construction in Hawke’s Bay, targeting 16–18 farms by FY32. FY-end 31 March. Energy revenue (non-GAAP) is the measure management talks to; statutory NPAT swings on electricity-derivative fair values.

IPO: first significant NZX Main Board float in about five years. Offer opened 29 September 2026 at a fixed $2.25, seeking $75–100 million of new shares (not underwritten; no existing-holder sell-down). It closed 14 October having raised the $75 million floor — 33.3 million new shares, about 17% of the post-IPO register — not the $100 million top. Around 10,000 new shareholders joined; almost half the cash came from new retail, the rest from institutions and existing holders topping up. Post-IPO market cap about $440 million. Existing holdings went into escrow. The PDS said the FY32 growth plan assumed $100 million, so raising the minimum may mean extra funding by FY30.

How the IPO went: it listed, which was the hurdle. Trading started midday 22 October 2026 (NZX:LOD). First print $2.35, a 4.4% premium, then drifted back toward $2.26; the next session was around $2.30. Volume was light. That is a modest, orderly debut around the offer price — not a hot, oversubscribed book and not a flop. Watch the first listed interim (half to 30 September, due late November) for whether the $75 million is being put into farms as planned.