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 refreshed 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 significant equity capital raisings by NZX-listed companies in 2021 raising more than $2.95b, 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:

  • the New Zealand Treasury on Air New Zealand’s NZ$2.2b recapitalisation package, including the Crown’s participation in Air New Zealand’s $1.2b underwritten rights issue, and associated funding arrangements
  • EBOS on its NZ$845m placement and supersized share purchase plan to part fund its Lifehealthcare acquisition
  • Winton Land on its NZ$350m IPO and NZX and ASX listings
  • the underwriters of NZX’s NZ$44m Accelerated Renounceable Entitlement Offer (AREO), Serko’s NZ$75m placement, MOVE Logistics’ $40m AREO, and Pacific Edge’s NZ$80m placement
  • Arvida Group on its NZ$330m placement and rights issue to part fund its Arena Living Holdings acquisition
  • EROAD on its $84m placement and share purchase plan to part fund its acquisition of CORETEX
  • Precinct Properties New Zealand on $250m innovative placement and supersized share purchase plan
  • Oceania Healthcare on its NZ$100m placement and supersized share purchase plan to part fund its Waterford on the Park business acquisition
  • My Food Bag on its NZ$338m IPO and NZX and ASX listings
  • the underwriters of the NZX listing and IPO of shares in Napier Port.

Equity Market Deal of the Year

New Zealand Law Awards 2021