Chapman Tripp ensures success of first new equity listing on the NZX in 2020

Market debut is also the first “reverse listing” under the replacement NZX Listing Rules that came into effect last year

Chapman Tripp ensures success of first new equity listing on the NZX in 2020
Roger Wallis

Chapman Tripp has advised on the first new equity listing on the NZX this year.

The top-tier firm advised Me Today on its listing. The company, which was previously CSM Group, is a high-growth health and wellness brand founded and based in New Zealand, Chapman Tripp said.

The Chapman Tripp team was headed by senior corporate partner Roger Wallis, who was supported by solicitors Hamish Reid and Harry Pye.

With the transaction, Me Today has also become the first company to undertake a “reverse listing transaction” under the new NZX Listing Rules that came into effect last year.

“The new rules treat a reverse listing in a similar manner to an initial listing through an IPO, and has some similarities to direct listings promoted by the Capital Markets 2029 steering group as a way to get more high growth New Zealand companies listed in a cost-effective manner,” Chapman Tripp said.

Another factor that made the transaction unique is the “virtual only” meeting held by shareholders to approve the transaction amid COVID-19 restrictions.

“We have been lucky to assist many of our clients with firsts in equity capital markets – this is another of many. The founders of Me Today are longstanding clients of the firm, also linked to previous listed issuers 42 BELOW, Trilogy, and currently listed Turners Automotive Group,” Wallis said.

CSM Group was advised by corporate counsel Sean Joyce, Chapman Tripp said. The firm also said that Me Today’s market capitalisation was around $33m.

“The new venture has been launched with supplements and skincare as the platform but the founders see significant opportunity to further expand the product offering and take advantage of new trends within the health, beauty and wellbeing spaces,” Wallis said.

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