Cr Andrew Whiley said he wanted a partial float of the company to be included in public consultation for the Dunedin City Council’s 2025-34 draft long-term plan.
Councillors have so far not been in a rush to endorse the suggestion.
The council decided last week to retain Aurora after there had been strong public opposition to a proposed sale.
Cr Whiley said the community was certainly against a 100% sale, especially when the buyer might have been an overseas pension fund or some other international investment group.
It had also been argued within the sale proposal document a partial sell-off would be viewed as less attractive to potential buyers than the company as a single entity.
Cr Whiley said he believed this was "part of the narrative" to reinforce a full sale being the preferred solution.
"The people I spoke to, who have knowledge in this space, indicated there would be an appetite for a partial float and shares would be quickly snapped up."
He mentioned during last week’s council debate he was "not against a partial float of Aurora".
"Putting 30% of the company on the stock exchange would allow a dramatic increase of funds to be used to reduce debt or fund investment, but this would also ensure the company delivers for its customers and is fully accountable to the shareholders and, yes, this includes ... ratepayers.
"I will be asking for this to be consulted on as part of the nine-year plan."
Cr Steve Walker said putting 30% of Aurora on the stock exchange would not be straightforward — financially or practically.
After the past few months of debate and last week’s vote, "I think it would be wise if we now allow Aurora to get on with being Aurora for the foreseeable future".
Cr Christine Garey said shortly after the vote the council needed time to process the decision and discuss a way forward through the nine-year plan process.
"We all understand it will be challenging."
Dunedin Mayor Jules Radich was uncertain shortly after the vote a partial float would have enough impact to be worthwhile.
Aurora has not provided dividends since 2017 and if the sale proposal had gone ahead, a diversified investment fund would have been set up.
Cr Lee Vandervis, who voted against keeping Aurora, said the council had missed a significant opportunity to deal with unsustainable debt and get income out of its companies.
The suggestion of a partial float had been canvassed and "shown to lose the scale opportunity of a complete sale, as well as still retaining the Aurora ownership problems".
Cr Kevin Gilbert said the council needed to be prepared to "investigate everything".
"I’m open to ideas but, without more information, I wouldn’t want to comment on Cr Whiley’s suggestion."
Cr Sophie Barker said she was unsure about floating part of Aurora.
"I’m not sure if we’re ready to have that conversation yet."
Some people had floated the idea of a community trust and Cr Barker said she would be willing to take a look at this.
