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

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.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Fonterra appoints permanent COO
Manawa Energy FY24 Annual Results & Webcast Details
Seeka Provides the Results of Meeting - ASM
April 19th Morning Report
PGW Guidance Update
CNU - Commerce Commission releases draft expenditure decision
Spark announces departure of Product Director
TGG - T&G appoints new Director
April 18th Morning Report
SKC - APPOINTMENT OF CHIEF EXECUTIVE OFFICER