Equity capital markets

With a proven track record, Bell Gully is New Zealand's go-to law firm for a wide range of equity offerings, from early stage capital for start-up businesses to New Zealand's most significant IPOs and secondary offers.

Our focus is on providing market-leading advice and thought leadership, based on our deep experience and understanding of our client's business objectives. We work collaboratively with our clients and their other advisers to eliminate problems, reduce complexity and deliver workable solutions. Whether it is a transition to public ownership through an IPO, a balance sheet recapitalisation or an equity financing for an acquisition, we strive to deliver flawless execution.

Our team works with international law firms with leading capital markets practices. These relationships ensure we can seamlessly assist clients extend their securities offerings outside of New Zealand, and also be involved in the New Zealand aspects of significant international securities offering, including offers by ASX-listed companies into New Zealand.

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. Our lawyers are members on regulator working groups and committees established to advise on the capital markets landscape in New Zealand. Through these relationships, we provide clients with clear insight into regulatory considerations in equity offerings.

^{The Legal 500 Asia Pacific 2025 Corporate and M&A, 'Tier 1'.}

^{Chambers Asia Pacific 2025 Corporate/Commercial, 'Band 1'.}

^{IFLR 1000 2024 Capital markets, 'Tier 1'.}

^{Clients say "One of the key features is the responsiveness of the team. They are highly attuned to our commercial needs and provide strategic and practical advice." "Their work is always commercially-focused, and they have invested in understanding our industry and business in order to best tailor their advice to support our strategic objectives."}

Ryman Healthcare recapitalisations

Advised Ryman Healthcare on its NZ$1bn placement and entitlement offer in 2025 and on its NZ$902m entitlement offer in 2024.

Fletcher Building recapitalisations

Advised Fletcher Building on its NZ$700 million placement and ANREO in 2024 and on is NZ$750 million entitlement offer in 2018.

Air New Zealand's recapitalisation package

Advised on its innovative NZ$2.2bn recapitalisation package in 2022 to position for recovery from the impacts of Covid-19, including a NZ$1.2bn rights offer and a revised redeemable share facility from the Crown.

Synlait Milk's capital raising

Advised Synlait Milk on its NZ$218m capital raise in 2024 via a targeted placement to each of its two largest shareholders, in connection with a balance sheet reset and settlement of a dispute relating to Synlait's key customer contract.

IPO and NZX Main Board listing of Napier Port

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$234m IPO and NZX Main Board listing of Napier Port.

Mixed ownership model, IPOs of Meridian and Mighty River Power

Advised the Treasury on the design and implementation of the mixed ownership model (MOM programme), including legislative framework, and then on the IPOs and NZX and ASX listings of Meridian Energy and Mighty River Power (now known as Mercury).