Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Initial Public Offering And Stock Exchange Listing

Major Travel Group Announces Initial Public Offering And Stock Exchange Listing

New Zealand's largest outbound travel business, Gullivers Travel Group, today confirmed that it will make an initial public offering (IPO) of shares and list on both the New Zealand and Australian Stock Exchanges, valuing the business at $160 million.

Gullivers' founder and managing director Andrew Bagnall said today that an IPO would create a new platform for the future growth of Gullivers as a publicly listed company. It will also provide the opportunity for new investors, the senior management of Gullivers, staff, franchisees and customers to participate in New Zealand's leading travel services business.

UBS, the lead manager and underwriter of the float, completed a bookbuild yesterday for 65 million shares, representing 65% of Gullivers Travel Group. UBS said there had been keen interest from institutional and retail investors, in both New Zealand and Australia. The bookbuild price was set at $1.60, raising a total of $104 million to be used to fund the acquisition of the subsidiary companies forming part of the Group.

The Company will now proceed to register a prospectus and complete the retail offer process. There will be no public pool. A dual listing on the NZX and ASX is expected in mid-December.

Mr Bagnall said he and other existing shareholders within the group would among them subscribe for a 35% shareholding in Gullivers as part of their on-going commitment to the continued success of the group.

Established in 1976, the Gullivers Travel Group now 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.

Bancorp New Zealand Limited, financial adviser to Gullivers Travel Group Limited, said that there had been very strong interest in Gullivers from a number of parties in the region and internationally. The IPO option represented the best value and structure for Gullivers and its shareholders in the long term.


Please note that no money is currently being sought, and no application for shares will be accepted or money received, unless subscribers have received an investment statement.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Media Mega Merger: StuffMe Hearing Argues Over Moveable Feast

New Zealand's two largest news publishers are appealing against the Commerce Commission's rejection of the proposal to merge their operations. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>