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)


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 0.7333 0.0000 0.00%
AUD 0.9147 0.0000 0.00%
EUR 0.6175 -0.0002 -0.03%
GBP 0.5435 -0.0002 -0.04%
HKD 5.7205 0.0016 0.03%
JPY 82.4950 -0.0400 -0.05%

Commods

Commodity Price Change Time
Gold Index 1301.0 -9.900 2017-09-20T00:
Oil Brent 56.3 1.090 2017-09-20T00:
Oil Nymex 50.7 1.150 2017-09-20T00:
Silver Index 17.3 -0.009 2017-09-20T00:

Indices

Symbol Open High Last %
NZX 50 7851.1 7851.1 7819.2 -0.37%
NASDAQ 6459.7 6466.1 6461.3 -0.08%
DAX 12550.9 12593.2 12561.8 0.06%
DJI 22351.4 22413.3 22370.8 0.19%
FTSE 7275.2 7289.9 7275.2 -0.05%
HKSE 28091.2 28127.8 28051.4 0.27%
NI225 20456.5 20481.3 20310.5 0.71%
ASX 5709.1 5709.1 5709.1 -0.73%