Vodafone New Zealand readies NZ$1bn IPO

By Fiona Lau

HONG KONG, Nov 30 (IFR) - Vodafone New Zealand is planning to raise about NZ$1bn (US$683m) from an IPO which may come as early as the first half of next year, according to people close to the deal. The mobile and broadband provider recently completed a two-week non-deal roadshow, meeting domestic and international investors, according to the people. One of the sources said the listing was expected in the first half of next year. Another person familiar with the situation, however, said the timing had not yet been set, but noted that the IPO would be a natural next step after the non-deal roadshow. Earlier this month, Vodafone New Zealand spokeswoman Elissa Downey told local media that British parent Vodafone had confirmed it intended to explore a potential IPO of Vodafone New Zealand during the 2018 calendar year. No final decision had been made, she said. At an estimated NZ$1bn, an IPO would be the largest in New (KOSDAQ: 160550.KQ - news) Zealand since state-owned Meridian Energy (Berlin: 15M1.BE - news) went public in October 2013. Vodafone New Zealand declined to comment. Bank of America Merrill Lynch, Deutsche Bank (IOB: 0H7D.IL - news) and UBS (LSE: 0QNR.L - news) are working on the potential IPO. Vodafone New Zealand announced plans to merge with local pay TV business Sky Television last year but abandoned the deal after failing to win approval from New Zealand’s Commerce Commission. (Reporting by Fiona Lau; Editing by Vincent Baby)