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

Eroad CEO Steven Newman

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)

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

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7338 0.0008 0.11%
AUD 0.9278 -0.0003 -0.03%
EUR 0.6493 -0.0001 -0.02%
GBP 0.4840 0.0000 0.00%
HKD 5.6882 0.0060 0.11%
JPY 86.3910 0.3030 0.35%

Commods

Commodity Price Change Time
Gold Index 1285.9 -6.240 2015-01-28T00:
Oil Brent 49.6 -1.150 2015-01-28T00:
Oil Nymex 44.5 -1.700 2015-01-28T00:
Silver Index 18.1 0.000 2015-01-28T00:

Indices

Symbol Open High Last %
NZX 50 5794.8 5818.4 5794.8 0.41%
NASDAQ 4740.7 4742.1 4681.5 -0.93%
DAX 10719.4 10728.8 10628.6 0.78%
DJI 17402.9 17484.4 17387.2 -1.13%
FTSE 6811.6 6863.0 6811.6 0.21%
HKSE 24800.0 24983.9 24807.3 0.22%
NI225 17666.9 17703.1 17795.7 -0.70%