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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 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 NZX Main Board initial public offers (IPOs), including:
    • New Zealand King Salmon on its $77.5m IPO and NZX Main Board and ASX listing
    • all four of the New Zealand Government’s Mixed Ownership Model (MOM) programme transactions in 2013 and 2014
    • 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
    • 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
    • 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.
  • On rights issues, placements and convertible issues, including:
    • Infratil’s $100m underwritten institutional placement, and $300m underwritten accelerated renounceable entitlement offer, to part fund the Infratil and Brookfield Asset Management purchase of Vodafone NZ
    • Evolve Education Group’s $63m underwritten accelerated renounceable entitlement offer
    • Ebos on its $175m placement primarily to new institutional investors
    • Mercury NZ on its $54.7m ‘firm in relief’ commitment to Tilt Renewables’ $274m accelerated entitlement offer
    • Precinct on its innovative $162 placement and retail offer
    • Kathmandu on its $40m underwritten placement and $10m share purchase plan
    • Steel & Tube on its $80.9m pro rata rights issue and shortfall bookbuild
    • Deutsche Craigs as underwriter of Serko’s $15m placement
    • Precinct Properties on its $150m convertible note issue
    • Arvida Group on its $77m underwritten pro rata rights issue and shortfall bookbuild
    • Tower on its $70.8m underwritten pro rata rights issue
    • Property for Industry on its $70m underwritten pro rata rights issue
    • Heartland on its $59m pro rata rights issue and shortfall bookbuild
    • HG Capital on its $35.5m investment in Gentrak by placement
  • On block trades:

    • Deutsche Craigs as bookrunner and underwriter for BP New Zealand's 'block trade' sale of its 11% stake in The New Zealand Refining Company for $80.4m

    • Metlifecare on Infratil's sale of its 19.9% stake in Metlifecare for $238m

    • Hugh Green Investments on the sale of its 19% stake in Turners Automotive Group for $47.4m.
Financial services regulation; Debt capital markets

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