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Chapman Tripp continues run of innovative IPOs

15 August 2014

​Chapman Tripp has advised Vista Group International and EROAD on this week’s initial public offerings (IPOs) and listings on the NZX Main Board. Chapman Tripp has now acted for the issuer on six of the nine IPOs that have listed on the NZX this year.

Vista Group International

Partner John Strowger and solicitor Ben Land-Maycock acted for Vista Group International on its IPO and Monday’s NZX and ASX listings. The IPO raised $92m through the sale of new and existing shares and at the current market price values Vista at around $210m.  The cinema software company currently comprises six businesses which provide support for cinema operations around the world.

John Strowger said: “Vista is a global leader in the film industry with exciting plans for growth. Monday’s strong debut was a milestone development and we are pleased to play a part in supporting this great New Zealand success story.”

EROAD

Partner Roger Wallis, senior associate Rachel Dunne and solicitor Philip Ascroft acted for EROAD on its $46m IPO and today’s NZX Main Board listing.  The IPO offer price values EROAD at $180m.  EROAD is a leading New Zealand transport and technology services company.

Roger Wallis said: “We congratulate EROAD on its listing.  EROAD’s vision is to become the international leader in the provision of road use charging and compliance services to the global heavy transport sector, and the successful IPO should provide a strong platform for the company’s  growth.

“We are delighted to have assisted this innovative Kiwi company.”

The EROAD offer documents took another step in the recent drive towards the ‘clear concise and effective’ offer documents that will be required when the Financial Markets Conduct Act 2013 (FMCA) comes into full force from 1 December  2014.  The EROAD investment statement comprised around 20,600 words, less than the 36,000 word limit that will be required under the FMCA regulations.  Following repeal of s 36A of the Financial Reporting Act 1993, the investment statement had a more concise summary of prospective financial information than other recent offers, as will be required by the FMCA.

For more information, contact our Web Editorwebeditor@chapmantripp.com+64 9 357 9622

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