22.5515 / 155 = 14.5% gross for those who bought into the IPO.

22.5515 / 145 = 15.6% gross for those who bought into the IPO and hanged onto them for a year to get the bonus shares.

What a terrible decision by National and John Key to give away some of NZ's best assets, especially since they preferred overseas investors over retail investors, which could only invest $5,000 worth. Always such a terrible steward of NZ's wealth that National Party.