Punakaiki puts off IPO for another year

The stock exchange keeps struggling to catch a break when it comes to new listings. (Image: Getty)

Tue, 12 Sep 2023

The Punakaiki Fund won’t go public this year as the slump in global markets and lack of appetite for initial public offerings in New Zealand and Australia threw up more hurdles to the 10-year-old fund’s aspirations. The early-stage investment fund had assets of $96.9 million at the end of June, including $3.3m of cash, up from $95.3m of assets at the end of the March financial year, when it was also sitting on almost $5m of cash. Chair Mike Bennetts signalled an initial public offering was unlikely in the coming year in hi...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Economy

Adrian Orr’s exit deal imposed gag on mutual RBNZ criticism

The restraint of trade payment was to protect confidential information.

Rebecca Howard 9:40am

The Quiz Free

QuiznessDesk, Wednesday, Oct 08

Take a break and try our quiz.

The Quizmaster 9:15am

Property

Bankrupt rugby rep accused of fraud

Building systems company feels ‘betrayed’ by Damian O'Brien.

Maria Slade 5:00am

Sponsored

Why New Zealand organisations need to rethink their cloud strategy

New Zealand organisations have embraced cloud computing over the past decade, but many are now confronting a sobering reality: adoption alone isn’t enough. According to Datacom’s 2025 Cloud & Infrastructure Report, only half of New Zealand businesses say they’ve realised the benefits they expected from cloud – despite significant investment.

Datacom

Sponsored