[1] It is endemic to New Zealand and only found in central and southern parts of the South Island.

The species has not been collected in Canterbury since the late 1950s and has not been seen at The Wilderness scientific reserve since 1941.

This species is similar in appearance to Ichneutica falsidica however I. panda lack or have indistinct black dashes on their edge of their hindwings.

I. panda inhabit shrubland from alpine zones down to river terraces and adults are on the wing between December and February.

[3][2] The male lectotype specimen is held at Museum of New Zealand Te Papa Tongarewa.

[6] In 2019 Robert Hoare undertook a major review of New Zealand Noctuidae.

Forewings, costa almost straight, apex rounded, termen oblique, evenly rounded; bluish-gxey, tinged with ochreous, in ♀ mixed with blackish-fuscous; a black dot on costa at base, margined broadly with whitish; first line faintly indicated, irregularly dentate, fuscous, margined anteriorly with whitish; second line from 1⁄2 costa to 3⁄5 dorsum, deeply and widely indented on upper half, irregularly dentate on lower half, blackish; a thin dentate fuscous pre-subterminal line, curving beneath reniform and closely approaching second line, thence running parallel with it to dorsum, apex of teeth margined with white; subterminal line obscure, margined anteriorly, in ♂ narrowly, in ♀ broadly, with fuscous; a series of fuscous dots round termen; orbicular circular, pale, interruptedly margined with fuscous; claviform directly beneath orbicular, circular, half as large as, and similar in colouring to, orbicidar; reniform pale, faintly fuscous-margined : cilia ochreous with basal and post-median fuscous lines.

Thorax clothed with a mixture of dark grey and yellowish brown hairs.

This species, while having a strong superficial resemblance to Aletia moderato, is readily distinguished by having moderately pectinated antennae.

[4]The argentaria form was regarded by George Hudson as being very similar to Aletia panda, differing only in having narrower forewings, more oblique termen and smaller orbicular stigma.

[2] However the antennae of male I. panda have shorter pectinations and both the male and female I. panda lack or have unclearly defined dark dash marks on their hindwing termen in comparison to the more vivid marks in specimens of I.

[2] The preferred habitat of this species is shrublands in alpine and subalpine zones as well as in river terraces.