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Winton Land IPO: Why is it opting for dual listing?

3 min read | December 14, 2021 08:09 PM NZDT | By Sonal
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Winton Land IPO: Why is it opting for dual listing?
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Highlights 

  • Winton Land confirmed on Tuesday that it had raised $350 million under its IPO.
  • The Company expects to begin trading on the NZX on 17 December with a foreign-exempt listing on the ASX.
  • The Offer proceeds will be used for executing its growth strategy, repaying a project finance debt facility and fund offer costs.

Winton Land, New Zealand’s largest and most proficient property developers, confirmed Tuesday that it had successfully raised $350 million in capital raising under its initial public Offer. The Offer was for up to 90 million new shares at $3.887 each. 

Winton also announced that Macquarie Asset Management had pledged $200 million via one of its real estate vehicles as part of the Offer.

A further commitment of $100 million was made by high-net-worth individuals with the balance to be raised out of the Chairman’s List Offer nominated by the Company.

Winton’s listing details

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The IPO opened on 9 December and the Company is now set to list on the main board of the NZX with a foreign-exempt listing on the ASX on 17 December.

What does the Company do?

Winton is a prominent residential land contractor in NZ, specialising in building unified and wholly master-planned communities. It has a portfolio of 29 projects across Australia and NZ.

DO READ: TradeWindow: Why is the Company going for direct listing?

Its main business has been developing and selling ‘lots’ of residential land to date.

How will Offer proceeds be used?

Funds obtained from the Offer will be used to raise more funds to fast-track its strategy to undertake big development projects. The raised funds will also be used for funding land purchases and development costs that arise in the future.

RELATED READ: Radiopharm IPO: What is in it for NZ investors?

A part of the proceeds from the Offer will also be used to pay off a project finance debt facility relating to one of its developments.

How did the Company perform in FY21?

Winton increased its revenue by nearly 6 times to $177 million in FY21 because of a sharp rise in the unit numbers settled. The Group’s EBITDA increased to $69.3 million from a negative $9.1 million propelled by an increase in revenue.

ALSO READ: Biome Australia IPO: Why should NZ investors consider the Company?

However, the revenue is predicted to fall in FY22 due to a decrease in the volume of units settled. The Board intends to declare dividends post the Offer completion.

Bottom Line

Winton remains well placed to build its business using strong cash reserves to capitalise on future growth prospects.

(NOTE: Currency is reported in NZ Dollar unless stated otherwise)

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