New Zealand shares fell as investors held back cash for upcoming listings. Infratil led the market lower as it shed rights to its full-year dividend. Air New Zealand, Trade Me Group and Telecom paced the decline.
The benchmark index fell 7.834 points, or 0.2 percent, to 5145.85. Within the index, 23 shares fell, 18 rose and nine were unchanged. Turnover was thin for a second day at $82 million as Wall Street and UK markets were closed overnight for national holidays.
Investors mulled two initial public offer documents released yesterday. Gentrack, the utility and airport software company, said it will use cash raised in its IPO to become debt free and buy shares from the existing owners.
It may look at acquisitions of up to $20 million to add compatible software or enter new markets. Serko, the online business travel booking company, said it was seeking up to $22 million in its IPO to fund growth aspirations across the Asia Pacific region.
"The market's valuation is towards the higher end of its current pricing, so the market will look at new opportunities. There is activity, but maybe activity is a little more focused off than on market at this time," said Nigel Scott, a director at Craigs Investment Partners.