This is from their website...:
An original investor who participated in Infratil’s initial public offering could have acquired 1,000 shares for $1,000 (500 in March 1994 and 500 in September 1994). That person would now have shares worth nearly $122,600 on 31 March 2022 - 15,219 shares (at $8.25 each).
And also:
In our calculations, we've assumed that the person: reinvested all their dividends; did not invest any more money and paid tax at the corporate tax rate if dividends were not fully imputed (if the company had not already paid the full tax).
https://infratil.com/for-investors/o...d-performance/