Aequitas Research - Air New Zealand Ltd. (AIR) Air New Zealand Rights and possible shortfall

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Aequitas Research

Sumeet Singh

EUR 92.12 For Business Accounts Only

Air New Zealand Rights and possible shortfall

Air New Zealand (AIR) aims to raise around US$827m (NZ$1.2bn) via a renounceable rights issue.

The deal has been in the works for months and has been put off multiple times before owing to COVID-19 induced New Zealand (NZ) lockdowns.

In this note, we will run the deal through our ECM framework and talk about the recent updates.

30/03/2022 1 EN

Underlying

Air New Zealand Ltd.

Air New Zealand is engaged in the transportation of passengers and cargo on an integrated network of scheduled airline services to, from and within New Zealand. Through its subsidiaries, Co. is also engaged in aviation, aircraft leasing and financing, investments, and engineering services. Co.'s geographical segments are New Zealand, Australia and Pacific Islands, United Kingdom and Europe, Asia, and America.

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NZAIRE0001S2 NZX New Zealand

Provider

Aequitas Research

Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.

Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.

Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.

Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.

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Analysts

Sumeet Singh

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Air New Zealand Rights and possible shortfall

Air New Zealand Limited - December 2023 (LTM): Peer Snapshot

Air New Zealand Limited: Update following ratings upgrade

Moody's upgrades Air New Zealand to Baa1; outlook stable

Onewo Space-Tech Pre-IPO

Legend Biotech Follow-on Offering

Xtep International Placement

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