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...

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