The Queensland State Government in Australia has raised about A$4bn through an initial public offering of its rail freight operator, QR National.
Shares commenced trading on the Australian Stock Exchange from 22 November and the Queensland Government priced each share at A$2.55.
Trading on a full settlement basis is expected to commence from 7 December.
The government is likely to retain a 40% share of the rail business, which transports more than 200 million tons of coal from Australian mines to ports for shipping.
