Chapman Tripp helps My Food Bag serve up sizzling IPO for ASX and NZX listing

The firm’s Māori legal group also advised on an investment into a berryfruit operation

Chapman Tripp helps My Food Bag serve up sizzling IPO for ASX and NZX listing

Chapman Tripp has assisted My Food Bag on its listings on both the ASX and the NZX Main Board.

The online food delivery business raised a massive IPO through the issuance of shares priced at $1.85, and it is the largest IPO on the NZX since 2014 based on offer size, the firm said. My Food Bag’s implied post-IPO market capitalisation is valued at $449m.

“As the largest NZX IPO in almost a decade, we hope that My Food Bag’s listing heralds a resurgence in New Zealand’s IPO market,” lead partner Rachel Dunne said.

Dunne co-led Chapman Tripp’s team with partner Joshua Pringle. They were assisted by partner Graeme Olding, senior associate Philip Ascroft, senior solicitor Kit Adamson and solicitor Kate Roberts-Gray.

“The Chapman Tripp team was an essential part of our successful path to IPO. Their experience and commitment over many months have been invaluable,” said My Food Bag CEO Kevin Bowler.

My Food Bag was launched in 2013; since then, it has catered to more than 80% of the country’s population as New Zealand’s most enduring meal kit provider.

The IPO’s joint lead managers were Jarden and Craigs Investment Partners. They were guided by a team from Russell McVeagh.

Te Waka Ture guides fruit operation investment

Chapman Tripp’s Māori legal group, Te Waka Ture, also advised Ngāpuhi Asset Holding Company on its investment into what the firm called “a sustainability-focused, high-tech hydroponics berryfruit operation.”

“The berryfruit venture is forecast to increase local business activity by $34m a year, and will become one of the largest employers in the region, expecting to provide work for 120-160 people, of which 60-70 would be full time,” lead partner Te Aopare Dewes said.

Ngāpuhi allies with Maungatapere Berries and Far North District Council as a joint venture. The operations facility will be constructed on a 28-hectare location.

The company had revealed its plans to establish a hydroponic berry farm as a Kaikohe Berryfruit LP partner this month.

“This is an important venture for Ngāpuhi as well as for the wider Northland community. We appreciate the technical expertise and dedication of the Chapman Tripp team on this complex and bespoke joint venture,” said Paul Knight, chief executive at Ngāpuhi Asset Holding Company.

Dewes took point on Chapman Tripp’s team. She was supported by senior associate Greer Fredricson and solicitor Liam Stoneley.

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