Chapman Tripp has advised Arvida Group Limited (Arvida) on its $80m initial public offering (IPO) and listing today on the NZX Main Board. The company’s market capitalisation on the IPO price is $215m.
Chapman Tripp has played a role in eight* of the 12 IPOs that have listed on the NZX Main Board this year, advising the issuer on seven of these.
In addition to the NZX listing, Chapman Tripp advised Arvida on all legal aspects of the aggregation of 17 retirement villages and aged care facilities located in the North and South Islands, a re-finance of all their existing banking arrangements and the establishment of a new group bank facility. The Chapman Tripp team included Partners Roger Wallis and Tim Tubman, Senior Associate Adrien Hunter, Senior Solicitor Nick Letham and Solicitor Charlotte Baird. Partner Cathryn Barber and Senior Enrolled Solicitor Aoife O’Gorman led the bank re-financing.
Tim Tubman said: “This was a complex transaction involving a portfolio of retirement assets spread over a wide geographical area.
“The retirement sector has been one of the most consistent performers in New Zealand’s capital markets in recent years so Arvida’s IPO is a fitting way to end 2014. We congratulate the company on today’s listing.”