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New Issues

20/05/2022 06:07a.m.
NZ/AU Markets   
Exchange Traded Funds   
NZ Fixed interest   
New Issues
Cash Management Trust Account

The New Issues process explained

A "new issue" of securities is an investment opportunity which can include bonds and other debt securities, or share offers (also known as Initial Public Offers or IPOs). For a list of all upcoming listings and key dates please see here

Click each section below for more information about the New Issue process:

Pre-offer Period

When we are involved in the distribution of a new issue , and there is a pre-offer period, we will invite prospective investors to pre-register a no-obligation interest in participating in the offer. This can be done by completing your details online through the New Issues page. Existing clients can log in and have the opportunity to express to us your possible level of interest in the offer ("Expression of Interest").

Pre-registering will ensure:

  • you are kept informed about the offer as it progresses
  • you receive a copy of the offer document once it is available


An "Expression of Interest" is how much money an investor might want to invest in the issue, should they be satisfied with the terms of the offer. An Expression of Interest is indicative only and does not involve an obligation of any kind (either on the investor to invest, or any assurance that we will be able to provide access to the issue for that amount). However, indicating an Expression of Interest will assist us in determining the level of stock we might require to satisfy our clients.

Please note: not every new issue will have a pre-offer period. It may be opened on our website for bids only.

Offer Document

The offer document may be a prospectus and/or an investment statement which contains comprehensive information about the company and the terms of the offer. The offer document also contains the application form to apply for the securities.

If there was a pre-offer period and you pre-registered your interest in the offer through us, we will accordingly email you a soft-copy of the offer document once it becomes available. Otherwise during the offer period you may request an offer document be emailed to you by contacting us at newissues@directbroking.co.nz or you may be able to download an electronic copy from our website.

Firm Allocation

After the offer document has been registered we will then invite prospective investors to submit a bid in the offer once they have received and considered the offer document. If you submitted an expression of interest we expect that this is an indication of what you would like to receive and should be for an amount that you are willing to pay if you receive an allocation.

When we are distributing new issues we endeavour to treat all investors as equitably as possible; we distribute using the Firm Allocation methodology because it is the best way for us to provide certainty to an investor, and comfort to us, that we will meet our obligations to an issuer.

Application & Payment

Once you have secured a firm allocation, you will then need to complete the application form which is usually situated at the back of the offer document. You will be asked to provide certain personal information which may include:

  • Your personal details such as name, mailing address, phone number and email address
  • Your IRD number
  • Your bank account number - to pay for the securities and/or receive dividend/interest payments
  • Your Common Shareholder Number (CSN) - if you have a CSN ensure the names registered to the CSN and the names on your application form match exactly. If you don't have a CSN, you'll be allocated one when you apply
  • Please leave settlement option blank, as this must be funded by your Cash Management Trust Account (CMT)

Once you have completed filling out the application form, please forward your application to us at newissues@directbroking.co.nz prior to the due date we specified

Allocation of Securities

After we have received and verified your application we will forward it on to the Registry for processing. Once they have processed and allotted the securities (dependent on the Allotment Date), you will be sent a statement confirming your new holding which may occur after the issue has closed.

Note:Securities acquired through a new issue will not be reflected on your portfolio because the transaction is processed externally. You can easily manually add the acquisition by following these instructions.

For more information about the New Issues process, please contact our Client Support team at Direct Broking:

0800 800 372 or newissues@directbroking.co.nz