The auction process for Fairfax Media's partial float of Trade Me was well supported, attracting just under $1 billion in bids for the $362 million of stock on offer, financial market sources said.

Fairfax said the share price had been set, through a book building process, at the top end of a $2.30 to $2.70 range, as reported earlier by APNZ.

The company said it had entered an underwriting agreement with UBS New Zealand for the initial public offer (IPO) after completion of the bookbuild, which was to institutional investors, NZX firms and brokers. Interest was strong from New Zealand and Australian institutions, it said.

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