With about $1.2 billion in failed energy investments to its name, US energy utility GPU, is eager to leave Australia and quitting its investment in the Victorian gas pipeline business, GasNet, through a $260 million public offer.

The Victorian distributor said the retail component of its $260 million IPO has closed heavily oversubscribed. The institutional component closed earlier this month also oversubscribed, with about 50 institutions and fund managers taking 20 per cent of the stock. The rest was taken up by retail investors.