Gullivers Travel considers IPO

Wednesday 13th October 2004

New Zealand's largest outbound travel services business, Gullivers Travel Group, is considering an initial public offering of shares (IPO) and listing on the New Zealand Stock Exchange.

Gullivers' founder and managing director Andrew Bagnall says that the company was well advanced in its preparation for an IPO. UBS has been appointed as the lead manager of the proposed float.

Gullivers Travel includes the Holiday Shoppe and United Travel retail leisure franchises, corporate travel management companies Atlantic Pacific Radius and Signature Travel and wholesale and ticketing businesses Gullivers Holidays and Gullivers Ticketing. The group also comprises travel management software development
and distribution businesses.

Bagnall said the IPO was being considered among a range of possible options for the future capital and ownership structure of the group.

"Assuming it proceeds, it is expected that the IPO will be launched in November," he said. "The offer will be targeted to institutional investors in New Zealand, Australia and elsewhere, and retail investors who will principally be clients of leading brokers in New Zealand."

The group has appointed Jeff Todd, a noted business and government adviser and non-executive director, as its chairman.

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