Finance Minister Bill English says the Government may initially sell less than 49% of its stake in the four State energy companies and Air New Zealand.
Mr English says the possibility has been raised in discussions with some of their boards.
The companies want the Government to initially sell a smaller stake to avoid them having to go back for more State funding if more shares need to be issued to fund new projects.
Mr English says that by selling only 45% initially, for example, the Government might not have to buy into later share issues to maintain its majority stakes.
However, Radio New Zealand's economics correspondent says the target of $5 - $7 billion from the floats was contingent on the Government selling up to 49% of the companies.
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Labour says the minister's admission that the Government may initially sell less than 49% of its stakes, casts doubt on how much it will get from the sales.