Chapman Tripp's annual Equity Capital Markets - trends and insights publication, picks 2019 to be a year of improvement on the slower years of 2017 and 2018.
As predicted in last year's publication, 2018 was a transitional year. With intial public offering (IPO) activity extremely subdued and a decline in the number of issuers on the NZX Main Board for a further consecutive year, it was undoubtedly a sluggish year for New Zealand's equity capital markets. However, on a more positive note the NZX continued to outperform other global indices.
Key insights and predictions include:
Significant changes undertaken in 2018, including equity board consolidation, changes to fees and rules around on market trading and the new NZX Listing Rules, will have a positive flow-on effect in the next two years and beyond. After only one IPO in 2017, and a grand total of zero IPOs in 2018, the work that has gone on to improve the...