Investment bankers are putting increasing numbers of companies under the microscope as New Zealand firms line up to cash in on a rising sharemarket.
Sources say advisers are being highly selective when taking on clients as a result of high demand and because many companies that want to go public are not ready to do so for reasons such as a lack of suitable corporate governance or management.
"We just advise them that maybe they're a year early and need a little bit more work," said a source. "There's a lot on and we're incredibly busy. It's probably the busiest I've ever seen it. But with the IPOs [initial public offerings] we're committing to we're finding the resources to do it."
Another senior market source said his firm had been approached by about 14 companies in the past six months that wanted to list, but less than five had been taken on as clients.