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Equity Capital Markets

Our equity capital markets group provides a combination of experience, technical excellence, and drive.

Our specialists have been at the table for some of the most significant capital markets developments in New Zealand. We started with the development of the capital notes market through our work with Brierley Investments in the 1990s. We have worked through the IPO booms of the early to mid-2000s and are involved in many of the recent ECM transactions.

We often act on private placements, rights issues, and corporate debt/hybrid raisings. We advise on New Zealand aspects of significant international capital raising transactions.

Our approach is co-operative. We believe the key to success is proactive engagement with our client and its other advisers to forge a seamless unit, focused on results. We work collaboratively with our clients, other advisers, and our debt capital markets specialists, to find the best solutions for our clients' fundraising objectives.

Examples of our work

  • New Zealand Oil & Gas - advising NZ Oil and Gas on its NZ$25 million rights offer
  • Craigs Investment Partners, Jarden Partners and Macquarie Securities - $301 million block trade of shares in Oceania Healthcare 
  • Craigs Investment Partners and Macquarie Securities - $65 million placement and ANREO of shares in Vista Group International 
  • UBS - $400 million accelerated renounceable entitlement offer and placement by Infratil for the purposes of part financing the proposed acquisition of Vodafone NZ
  • Wellington City Council - NZ$76 million underwrite of Wellington International Airport, jointly with Infratil
  • Citigroup Global Markets and Forsyth Barr Group - AU$300 million underwritten entitlement offer by Tilt Renewables
  • Macquarie Capital, First NZ Capital and Deutsche Craigs - initial public offering of Oceania Healthcare, through a dual listing on the New Zealand and Australian stock exchanges
  • TCV - $28.6 million acquisition of shares in Xero Limited from Matrix Capital Management
  • Macquarie Capital - $94 million underwritten accelerated rights entitlement offer by Restaurant Brands
  • Bright Dairy & Food Company - ​$98 million accelerated rights entitlement offer by Synlait Milk
  • UBS New Zealand - demerger of NZX listed Trustpower into two entities
  • New Zealand Oil & Gas - $22 million on-market share buy-back (using NZX special order facility)
  • Vista Group Holdings - $108 million block trade of 25.5% of Vista Group International
  • Macquarie Capital - $1.81 billion underwritten block trade of Origin Energy's 53.1% shareholding in Contact Energy
  • The a2 Milk Company - listing on the Australian Securities Exchange (ASX) and NZX
  • Accel Partners - $132.9 million investment in Xero by private placement
  • Macquarie Capital - $100 million initial public offer of shares in Vista Group
  • Macquarie Capital, Deutsche Craigs and UBS New Zealand - $250 million initial public offer of shares in Hirepool Group
  • Spotless Group Holdings - New Zealand counsel to Spotless and Pacific Equity Partners on the A$992 million initial public offering and ASX listing
  • Union MedTech - acquisition of Rex Bionics and UK capital raising, moving its listing from the ISDX to the London Stock Exchange's AIM market
  • Craigs Investment Partners, First NZ Capital, Forsyth Barr and Macquarie Capital - $155 million block trade of Quadrant Private Equity's residual holding in Summerset Group
  • Macquarie Capital - $50 million dollar underwritten placement by Precinct Properties
  • Bright Dairy & Food Company - $120 million initial public offering of Synlait Milk
  • The a2 Milk Company - private placement and associated shareholder sell-down (totalling $90 million) and migration of listing from the NZAX to the NZSX main board
  • Agria Corporation (a NYSE listed Chinese agriculture business) - $120 million investment in PGG Wrightson as part of its $250 million capital raising, and associated strategic co-operation agreement between Agria and PGG Wrightson
  • Haier Group Corporation - $80 million investment in cornerstone shareholding in Fisher & Paykel Appliances through a placement, rights issue and top-up