ERoad may raise $40m in IPO, seek NZX listing

Eroad CEO Steven Newman

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

ERoad, whose products allow transport companies to manage and pay road user charges and keep track pof their fleet, is planning to raise some $40 million in new capital via an initial public offering before seeking to list on the NZX.

The Auckland-based company expects to release a prospectus in mid-July and list on the NZX main board in mid-August, it said in a statement.

The company will use the funds "to accelerate its growth strategy for the ERoad electronic solution to manage and pay road user charges, support regulatory compliance and provide value-added commercial services to the heavy vehicle industry," it said.

It has hired First NZ Capital as lead manager and Deutsche Craigs as co-manager.

ERoad joins a swag of companies coming to market in one of the busiest periods for years in IPOs through the NZX.

(BusinessDesk)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6682 0.0055 0.83%
AUD 0.9120 0.0018 0.20%
EUR 0.6047 0.0072 1.21%
GBP 0.4282 0.0024 0.56%
HKD 5.1790 0.0433 0.84%
JPY 82.5600 0.8790 1.08%

Commods

Commodity Price Change Time
Gold Index 1096.4 -2.550 2015-07-27T00:
Oil Brent 53.5 -1.150 2015-07-27T00:
Oil Nymex 47.4 -0.720 2015-07-27T00:
Silver Index 14.6 0.110 2015-07-27T00:

Indices

Symbol Open High Last %
NZX 50 5872.1 5872.1 5872.1 -0.40%
NASDAQ 5063.4 5097.7 5039.8 0.93%
DAX 11129.9 11242.4 11056.4 1.06%
DJI 17449.8 17650.1 17440.6 1.07%
FTSE 6505.1 6569.4 6505.1 0.77%
HKSE 24269.9 24947.3 24352.0 0.62%
NI225 20188.6 20423.6 20350.1 -0.10%