Napier Port NZX IPO

20/8/2019
IPO

NZ$ 234 million

Completed

20/8/2019


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

Jurisdiction:

New Zealand

Deal type:

IPO

Practice area:

Capital markets : Equity

Industry sectors:

Shipping
Logistics


Firms:

Party: Napier Port Holdings (Issuer)

Party: Hawke's Bay Regional Council (Shareholder)


Party: Goldman Sachs (Joint lead manager)

Party: Deutsche Craigs (Joint lead manager)