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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 including on major New Zealand’s initial public offerings (IPOs) and secondary capital raisings. In the past three years, the team has demonstrated an exceptionally strong position as the leading legal advisors in New Zealand’s equity capital markets, advising on more than half of all capital raises ($5 million+). In 2024, our team assisted in raising $3.8 billion across five large equity capital raisings, including New Zealand’s largest ever secondary capital raising and the first accelerated non-renounceable entitlement offer since the NZX Listing Rules were amended to permit such structures.
Our market‑leading Equity Capital Markets team provides advice across all aspects of equity capital raisings including:
- pre-offer structuring
- IPOs
- secondary capital raisings
- institutional placements and block trades.
Some of our recent notable highlights include advising:
- EBOS Group on its placement underwritten by UBS and its retail offer to raise up to A$250m (NZ$272m)
- the underwriters of Ryman Healthcare’s NZ$313 million institutional placement and NZ$688 million pro-rata accelerated non-renounceable entitlement offer (ANREO), Auckland International Airport’s NZ$1.4b placement and retail offer, and Fletcher Building’s NZ$282 million placement and NZ$418 million ANREO
- Infratil on its NZ$1.275b placement and retail offer to part fund expansion of its CDC Data Centres investments and on its NZ$935m placement and retail offer to part fund acquisition of a further 49.9% of ONE.NZ
- Heartland on its NZ$210 placement and share purchase plan to part fund its acquisition of Challenger Bank in Australia
- EROAD on its NZ$50m placement and Accelerated Renounceable Entitlement Offer
- New Zealand King Salmon Investments on its NZ$60 million underwritten pro rata rights offer
- the New Zealand Treasury on Air New Zealand’s NZ$2.2b recapitalisation package, including the Crown’s participation in Air New Zealand’s NZ$1.2b underwritten rights issue, and associated funding arrangements
