Equity capital markets

New Zealand's most highly regarded equity capital markets legal team

Our market-leading equity capital markets team has acted on most of New Zealand’s recent initial public offerings (IPOs) and NZX Main Board listings. We have also acted on a number of recent ASX and dual NZX and ASX listings. Our unrivalled track record means that we are best placed to help clients avoid the risks and obstacles with any capital markets transaction – such as choosing the wrong offer structure or a due diligence process that is not fit for purpose.

Our experience ranges across all aspects of equity capital raisings including:

  • pre-offer structuring
  • IPOs
  • secondary capital raisings, and
  • institutional placements and block trades.

Our deep relationships with issuers, lead managers, underwriters, regulators and government agencies allow us to advise on all securities and capital markets matters – from capital raising to regulation and market supervision.

We’re currently the only law firm NZX Sponsor authorised to list issuers on the NZX Main Board securities exchange and the NZDX debt market.

We have advised:

  • on initial public offers (IPOs), including:
    • New Zealand King Salmon on its $77.5m IPO and NZX Main Board and ASX listing

    • Powerhouse on its A$20m IPO and ASX Listing
    • Goldman Sachs as lead manager and bookrunner on the $185m Investore IPO and NZX Main Board listing
    • First NZ Capital as lead arranger and manager of AFT Pharmaceuticals’ $40m IPO and NZX Main Board listing
    • Wellard on its $A300m IPO and ASX listing extended into New Zealand under the Trans-Tasman mutual recognition regime
    • Arvida Group on its $80m IPO and NZX Main Board listing, in conjunction with an acquisition of 17 aged care facilities for scrip for a deal value of $329m
    • Arowana International’s $235m IPO and NZX Main Board and ASX listing of its Australasian education business, Intueri Education Group
    • First NZ Capital and Deutsche Craigs as joint lead managers on the $125m IPO and NZX Main Board listing of Orion Health
    • Scales Corporation on its $149m IPO and NZX Main Board listing
    • Vista Group International on its $92.5m IPO and NZX Main Board and ASX listing
    • ikeGPS on its $25m IPO and NZX Main Board listing
    • EROAD on its $46m IPO and NZX Main Board listing
    • Z Energy on its $840m partial IPO and NZX Main Board and ASX listings, New Zealand’s largest private sector IPO for a decade
    • Aviation services provider Airwork Holdings on its $40m IPO and NZX Main Board listing
  • on all four of the New Zealand Government’s Mixed Ownership Model (MOM) programme transactions in 2013 and 2014, including:
    • the Treasury on all aspects of the $736m IPO and NZX Main Board and ASX listing of Genesis Energy, and on the partial sell down of the Government’s stake in national airline Air New Zealand for $365m, by way of block trade
    • The New Zealand Guardian Trust Company and The Trust Company (Australia) on their role as instalment receipt trustees for the $1.88b IPO and NZX Main Board and ASX listings of Meridian Energy, New Zealand’s largest IPO to date
    • Mighty River Power (now Mercury) on all aspects of its $1.7b IPO and NZX Main Board and ASX listing, New Zealand’s second largest IPO to date
  • on compliance listings, including:
    • NZME on its NZX Main Board compliance listing, and de-merger from APN News & Media
    • Senior Trust Retirement Village Listed Fund on its NZX Main Board listing
    • G3 Group on its $40m compliance listing, the first company to list on NZX's new NXT market, designed for small and mid-sized businesses
    • Snakk Media on its migration from the NZAX to NXT listing and associated capital raising
    • Mercantile Investment Company on its NZX main board listing as an Overseas Listed Issuer

  • on rights issues, including:
    • Arvida Group on its $42m underwritten pro rata rights issue and shortfall bookbuild
    • Moa Group on its underwritten institutional placement and non-renounceable rights issue to raise $4m

    • First NZ Capital and Credit Suisse (Australia) as underwriters of SKYCITY Entertainment Group’s $263m fully underwritten accelerated renounceable entitlement issue

    • First NZ Capital as arranger of Wynyard’s $30m rights issue
    • Property for Industry on its $49.5m underwritten pro rata rights issue and shortfall book build
    • First NZ Capital underwriter of Pacific Edge's $35m rights issue
    • First NZ Capital and Credit Suisse (Australia) as underwriters of Kiwi Property Group's $152m accelerated renounceable entitlement issue
    • Deutsche Craigs as underwriter and arranger of $14m AWF Group rights issue
    • First NZX Capital and Credit Suisse (Australia) as underwriters of Precinct Properties $174m accelerated renounceable entitlement issue
    • Moa Group’s placement and rights issue
  • on placements and block trades, including:
    • G3 Group’s novel equity raising through crowd funding marketplace Snowball Effect, a first for a NZ listed company
    • ikeGPS’ on its $5.25m placement and $3m share purchase plan
    • Trilogy International on its underwritten $20m placement, $5m share purchase plan, and ASX listing application, and The Business Bakery on its $30m block trade
    • Vista Group International on the $100m sell-down by founder shareholders of part of their escrowed equity
    • Direct Capital on the sale of its strategic stake in Scales Corporation to China Resources for $60m
    • ikeGPS on its strategic investor and institutional placement
    • Arvida Group on its $30m placement, and $5m Share Purchase Plan, as part of the funding for its $62m acquisition of the Aria retirement villages, and 
    • Deutsche Craigs as bookrunner and underwriter for Chevron New Zealand's 'block trade' sale of its 11.3% stake in The New Zealand Refining Company for $82m.
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Ranked Tier One for capital markets work by independent legal directories IFLR1000 2016 and Asialaw Profiles 2016.


 

Financial services regulation; Debt capital markets

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