Service

Equity capital markets

Advising on all securities and capital markets matters

The equity capital markets in New Zealand continue to evolve. In recent years, we’ve seen the consolidation of New Zealand stock exchange listed company (NZX) boards, changes to fees and rules around on‑market trading and new NZX Listing Rules.

We help navigate the ever-changing equity capital markets environment, acting on the country’s most significant and complex deals and most of New Zealand’s recent initial public offerings (IPOs) and NZX Main Board listings. We advised on 75% of all equity capital raisings by NZX-listed companies in 2019, continuing our track record of advising on two thirds of the IPOs and NZX main board listings over the last 10 years. The team has also acted on a number of recent ASX and dual NZX and ASX listings. 

Our market‑leading Equity Capital Markets team provides advice across all aspects of equity capital raisings including:

  • pre-offer structuring
  • IPOs
  • primary and secondary capital raisings
  • regulation 
  • market supervision
  • institutional placements and block trades.

Some of our recent notable highlights include advising:

  • NZX listing and IPO of shares in Napier Port
  • Kathmandu on the equity raise for the acquisition of Oboz Footwear, a US-based company headquartered in Bozeman, Montana
  • Goldman Sachs and Morgan Stanley as joint lead managers of ASX-listed Xero Limited’s US$300m convertible note issuance and on the associated call spread overlay
  • Steel & Tube on all aspects of its $80.9m placement, pro rata rights issue and shortfall bookbuild
  • Craigs Investment Partners (previously Deutsche Craigs) as underwriter of Serko’s $15m placement
  • Craigs Investment Partners (previously Deutsche Craigs) on all New Zealand law aspects of its role 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
  • Heartland Bank on their $59m pro rata rights issue and shortfall bookbuild
  • Craigs Investment Partners (previously Deutsche Craigs) underwriter of Pushpay’s US$25m placement
  • Tower on its $70.8m underwritten pro rata rights issue
  • EROAD on its $20.5m placement and selldown by its major shareholder.

Capital Markets Deal of the Year

New Zealand Law Awards 2019