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


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news