Napier Port NZX IPO

Overview:

• Napier Port has launched an IPO for the partial sell-down by its owner, Hawke's Bay Regional Council, raising NZ$234 million after debuting on the New Zealand Exchange (NZX).
• This is the largest IPO in New Zealand since 2016, with the aim to raise capital to reduce debt and fund the proposed 6 Wharf expansion project.
• The listing is the first in the port sector since Port of Lyttelton in 1996 and may be the first in a trend for mixed ownership model transactions to fund infrastructure needs around the country.

Adam Majeed - Regional editor