The NZX seems to be in a death spiral.
There are regular takeovers of NZX companies and bugger all floats. Re the later, why is that? The kiwisaver industry is huge so there is plenty of capital. Large private companies must baulk at the price to IPO on the NZX. MFB spent $14.1m on offer costs (it's marketcap is presently $37m!) and Vulcan spent $18m. Its appalling & short sighted that the local investment banking and legal industry charge that much money for vanilla floats of vanilla small and midcap companies. Two million tops for legal and financial due diligence, another million or two for the JLM, should suffice for a TRA type company to list.
I reckon if there were more companies on the NZX there would be more interest in the NZX as a whole and it would drag liquidity up. There are always comments on how things would trade higher on the ASX or in America - perhaps that from time to time may be true - but there have been plenty of dual listed companies that transitioned solely to the ASX and went no where. And we do have companies that trade on the NZX on high multiples - higher than their comps.
Getting rid of dual listings I reckon would be a start - there are some valid reasons for why companies want to be dual listed - but it fractures liquidity and increases offer costs.