Bell Gully is New Zealand's leading capital markets law firm, with a proven track record advising on most major IPOs in New Zealand and Australia (for dual-listed clients). We regularly advise clients on a wide range of equity offerings, from early stage capital for start-up businesses to New Zealand's most significant public offerings.
Our focus is on reducing complexity and getting the right result for our clients. We work collaboratively with our clients and their other advisers to eliminate problems and deliver workable solutions. We help our clients navigate the issues that arise when implementing equity capital raisings. We work hard to get the results our clients need to grow and shape their businesses.
Our team works with international law firms with leading capital markets practices. These relationships ensure we are involved in the New Zealand aspects of significant global capital markets transactions.
We have excellent relationships with the key New Zealand capital markets regulators, including the Financial Markets Authority, NZX and the Ministry of Business, Innovation and Employment. Several of our partners are members on regulator working groups and committees established to advise on equity offerings issues.
Work highlights
Air New Zealand’s recapitalisation package
Advised Air New Zealand on its 2022 comprehensive NZ$2.2 billion recapitalisation package to help position the airline for recovery from the impacts of COVID-19. This included a NZ$1.2 billion "traditional" pro rata renounceable rights offer and a revised redeemable share facility from the Crown.
Contact Energy’s NZ$400 million equity raise
Advised Contact Energy on raising NZ$400 million via a NZ$325 million underwritten institutional placement and a NZ$75 million non-underwritten retail offer to provide the financial flexibility to fund the NZ$580 million Tauhara project, due for completion in mid-2023.
Vital Heathcare’s 2021/22 capital raising
Advised Vital Healthcare Property Trust on its 2021/22 capital raisings comprising:
- an underwritten 1 for 8.54 pro rata accelerated entitlement offer in 2022 that raised gross proceeds of approximately NZ$200 million; and
- an underwritten placement to institutional investors in New Zealand, Australia and other selected jurisdictions and a non-underwritten unit purchase plan to existing unitholders in New Zealand in 2021 that raised gross proceeds of NZ$115 million and NZ $27.8 million respectively.
Vital Heathcare’s 2020 capital raising
Advised Vital Healthcare Property Trust on its successful 2020 NZ$157.5 million equity raising comprising:
- a NZ$125 million underwritten placement to institutional investors in New Zealand, Australia and selected other jurisdictions; and
- a NZ$32.5 million unit purchase plan offer to existing unitholders in New Zealand.
Ventia’s IPO and ASX/NZX listings
Advised Ventia Services Group Limited (ASX: VNT) on New Zealand law aspects of an initial public offering and sell-down, raising A$438 million, and its listing on the ASX and NZX.
Stride Property Group’s 2021 capital raising
Advised Stride Property Group on its 2021 capital raising of NZ$134 million, comprising an underwritten NZ$110 million placement and a non-underwritten NZ$24 million retail offer of new stapled securities.
Sky City capital raising
Advised SkyCity Entertainment Group on a 2020 comprehensive capital raising funding package. This included an equity raising of NZ$230 million, comprising a fully underwritten NZ$180 million placement and fully underwritten NZ$50 million share purchase plan.
Harmoney’s ASX/NZX dual-listing
Acted for Harmoney Corp Limited on its initial public offering and ASX/NZX dual-listing. A total of AU$92.5 million was raised, including AU$22.5 million attributable to existing shareholders selling down into the IPO.
IPO and NZX Main Board listing of Napier Port Holdings Limited
Acting for Hawke’s Bay Regional Council, Hawke’s Bay Regional Investment Company Limited, Port of Napier Limited and Napier Port Holdings Limited in connection with the NZ$234 million initial public offering and NZX Main Board listing of Napier Port Holdings Limited.
Meridian Energy IPO
Advised the Treasury on the initial public offering and NZX and ASX listings of Meridian Energy.
Mighty River Power IPO
Advised the Treasury on the initial public offering and NZX and ASX listings of Mighty River Power.
Mixed ownership model
Advised the Treasury on the design and implementation of the mixed ownership model (MOM programme), including legislative framework.
Xero IPO and listings
Acted for Xero on its initial public offering and NZX listing, and subsequent ASX listing.
