Majority of the proceeds came in before the company even released its prospectus
Chapman Tripp has assisted Winton Land Limited to raise $350 million in new equity under its initial public offering (IPO) and to list on the NZX Main Board and the ASX.
Following its entrance into the market, the residential land developer has raised the most new capital for an NZX Main Board listing since 2013, with an approximate market capitalisation of $1.1 billion so far. None of the existing shareholders sold any shares as part of the deal.
The IPO consists of 90 million new shares at an issue price of $3.887 each.
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According to Chapman Tripp, commitments from a range of wealthy investors amounting to over $100 million aided in reducing Winton’s uncertainties in the market – and this was before it even released its prospectus. Macquarie Asset Management alone tipped in a $200 million investment through one of its real estate vehicles.
“We are grateful for the Chapman Tripp team’s expertise and their ability to adapt to rapidly changing transaction requirements,” said Justine Hollows, general counsel at Winton. “The dedicated support as we navigated the unchartered territory of an IPO was extremely valuable, and together we achieved a fantastic outcome for Winton within a very tight timeframe.”
The success allows Winton to undertake significant development projects such as the Northbrook branded retirement villages. The capital will also be used to fund land acquisitions in the future.
Behind this effort was the Chapman Tripp team composed of partner Josh Blackmore, senior associate Philip Ascroft and solicitors Olivia Hyland and Harry Legget. Partner Mark Nicholson and senior associate Robbie Bennet also lent a hand on the property aspects of the transaction.
“Amid the uncertainty created by the pandemic, it was satisfying to help Winton finance an ambitious growth strategy and, in the process, to bring some new heft to the NZX Main Board,” Blackmore said.
Established in 2017, Winton is one of New Zealand’s largest privately-owned residential and retirement property developers. Its current development pipeline includes 7,442 residential lots and dwellings, apartment units and retirement village units from existing projects.