The NZX would create a trans-Tasman small-firm stockmarket if it was successful in taking a majority stake in the listed Australian bourse NSX.
The plan is outlined in its prospectus to raise $20.6 million to help buy M-Co, Country Wide Publications and NSX.
The New Zealand stock market operator is issuing new shares at $4 each to existing investors.
NZX is making a $15 million bid for just over 50% of NSX, whose board is recommending investors accept the offer.
The stock market operator hopes to implement a single set of rules for those looking to list on both sides of the Tasman, if the deal is approved.
The cost of buying rural media firm Country-Wide Publications could be as much as $7.5 million if certain targets are met.
