Tranz Rail listed on 14 June 1996 on the New Zealand Sharemarket and NASDAQ. 31 million new shares, equivalent to 25% of the company, were issued to the public at $6.19. The share price reached $9.00 in the middle of 1997, and some of the original Tranz Rail shareholders took advantage of the high share price to sell down their shares in the company. Berkshire Fund sold most of its shares at more than $8 each between November 1996 and March 1997. In 1998, Alex van Heeren sold his holding for a profit of more than $42 million, and the next year Fay Richwhite sold 6.2 million shares at an average $3.67 a share. On 8 February 2002, Fay Richwhite sold 17.6 million shares at $3.60 a share and Berkshire Fund sold 4.3 million shares on 12 February that year at the same price.