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Chapman Tripp Continues to Advise on National Flow of IPOS

Media Release

Chapman Tripp Continues to Advise on National Flow of IPOS

25 July 2014

Chapman Tripp’s Auckland and Wellington Capital Markets teams have advised Scales Corporation and ikeGPS on this week’s initial public offerings (IPOs) and listings on the NZX Main Board. Chapman Tripp has acted for the issuer on six of the nine IPOs that have listed, or are soon to list, on the NZX this year.

Scales Corporation

Partner Tim Tubman and senior associate Rachel Dunne (Auckland) acted for Christchurch-based agribusiness group Scales Corporation on today’s IPO, which raised $149m through the sale of new and existing shares and valued Scales at $224m.

Tim Tubman said: “Scales’ IPO stands out within 2014’s strong run of new listings as it’s the first for New Zealand’s primary sector. Diversity adds to the strength of the country’s capital markets and it’s great to see another success story represented there.”

Chapman Tripp advised on all aspects of the listing, which included a sell down by Direct Capital Investments Limited, who, together with co-investors the New Zealand Superannuation Fund and ACC, have retained a 20% cornerstone shareholding in Scales.

ikeGPS

Partners Josh Blackmore and Geof Shirtcliffe (Wellington) acted for Wellington-based ikeGPS on Wednesday’s $25m IPO. ikeGPS provides combined hardware and software solutions which enable users to capture real-time measurements, geolocate remote objects, and make measurements and models from photographs.

Josh Blackmore said: “We congratulate ikeGPS on its listing. The global export of smart solutions, such as those pioneered by ikeGPS, are fundamental to New Zealand’s future prosperity.

“We are delighted to have contributed to what is set to become another Kiwi success story.”

The same Chapman Tripp team advised on Z Energy’s 2013 IPO.


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