The Mighty River Power share offer opens for business today giving New Zealanders three weeks to apply to buy shares.

More than 400,000 people have pre-registered for shares in the power company that will be listed on the stock market for the first time on May 10.

'It is pleasing to have reached this stage in the process. We've been through an election, we've been through the courts, we've had a very positive pre-registration process and now it's time for New Zealanders who are interested in buying shares in Mighty River Power to actually do so,” says Finance Minister Bill English.

'It is important that New Zealanders read the offer document as they consider their investment decision. It has been written to ensure it contains all information that prospective investors need to see, and this was confirmed by the Financial Markets Authority on Friday.”

State Owned Enterprises Minister Tony Ryall says New Zealanders should consider this opportunity carefully, and they have almost three weeks to do it.

'The general offer that opens tomorrow is for New Zealand retail investors only. This is part of the Government's commitment to have New Zealanders at the front of the queue for shares, to encourage widespread ownership, and to have at least 85-90 per cent New Zealand ownership.”

The minimum application is $1000, and New Zealanders are guaranteed to get the first $2000 that they apply for, whether or not they pre-registered.

Those who did pre-register may get an allocation preference of up to 25 per cent in the event of over-subscription of the offer, and New Zealanders who hold their shares continuously for two years will also get loyalty bonus shares.

Mighty River Power is the first company within the Government's share offer programme to offer shares to New Zealand investors.

The programme is part of the Government's wider economic plan to control debt and keep investing in the economy.

'Mighty River Power is a proud New Zealand company, and the Government is confident in its future as a listed company,” says Tony.

'We invite New Zealanders to consider this opportunity to share in it.”