The pipeline and power station assets that Alinta bought from US-based Duke Energy for $1.69 billion would be held in the new company.

Alinta said the book build process for the IPO had been completed and was well oversubscribed.

The company expects to receive net proceeds of $711 million after fees and before taxes, up from the previously expected $688 million.

It also expects to report a one-off pre-tax profit of $200 million on the sale of the assets in the second half of 2005, up from the previously forecast $150 million.

UBS, the is underwriting the offer, has confirmed the underwriting at the top of the range, according to Alinta.