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Over $2.35 Billion Capital Raised With Chapman Tripp’s Equity Capital Markets Experts

Chapman Tripp’s equity capital markets team has advised clients on capital raisings totalling over $2.35b since NZX Regulation released its COVID-19 relief package. Capital raising activity continues for many NZX issuers, with Chapman Tripp’s trusted advisors leading the way for their clients.

The firm acted for Jarden, Credit Suisse and UBS as joint lead managers and underwriters, of NZX listed SkyCity’s recently announced $230m equity raising through a placement of $180m and share purchase plan (SPP) of $50m. The raising is novel in that both the placement and SPP were fully underwritten, reflecting the strong level of pre-commitments obtained from institutional shareholders ahead of the launch of the offering.

Chapman Tripp also advised on the most significant Australasian IPO in COVID-19 times, for Aroa Biosurgery, with an indicative market capitalisation of A$225m at the offer price. Chapman Tripp’s equity capital markets team advised on the New Zealand law aspects of the IPO, extending the offer into New Zealand under the Trans-Tasman Mutual Recognition Regime, as well as the pre-IPO capital raising, capital restructure and associated shareholder approvals. Aroa Biosurgery expects to list on the ASX on 30 July.

In addition to capital raising activity, the firm’s equity capital markets team have been busy acting on significant sell downs in NZX issuers. The firm acted for cornerstone shareholder Capital Royal Group on its $60m sell down in NZX listed AFT Pharmaceuticals, in conjunction with AFT’s $10m placement and $2m share purchase. In addition, the Chapman Tripp team provided advice to Forsyth Barr and Bell Potter, the joint lead managers and underwriters, in connection with the transaction.

Citigroup and Forsyth Barr also looked to Chapman Tripp for advice on the block trade of approximately $323m shares in NZX listed EBOS Group by its major shareholder, Sybos Holdings Pte Limited, through a bookbuild run by Citigroup and Forsyth Barr.

Chapman Tripp partner and equity capital markets expert, Rachel Dunne, commented, “This was a great deal to be involved with. It is the largest block trade in New Zealand since the last sell down by Sybos Holdings in November 2019 – and it was executed on an accelerated timeframe, at a tight discount to the market price, without any trading halt being required.”

“While the rate of capital raising has somewhat slowed, we may see a second wave as issuers look to shore up their balance sheets and the full economic impact of COVID-19 plays out. We are continuing to assist clients with a range of corporate governance and periodic reporting related queries, and expect that this will be an increasing focus as we head into reporting season”, Dunne adds.

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