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

 

Gullivers Initial Public Offering Now Open

22 November 2004

Gullivers Initial Public Offering Now Open

The initial public offering (IPO) of diversified travel services business Gullivers Travel Group opened today.

The offer price for the IPO is $1.60 per share, which gives Gullivers an initial market capitalisation of $160 million. Under the offer, 65 million shares (65% of the shares on issue) have been allocated to institutional investors and a number of retail brokers in New Zealand and Australia following a bookbuild process completed on November 9.

The offer closes on December 7 and the shares are expected to list on both the New Zealand and Australian stock exchanges on December 15.

Gullivers, New Zealand's largest outbound travel services business, was founded in 1976 as a travel wholesaler and has experienced significant growth over the last 28 years.

The group is now vertically and horizontally integrated, operating multiple business lines and distribution channels, including:

· Wholesale and ticketing (Gullivers Wholesale and Gullivers Ticketing) · Retail leisure (Holiday Shoppe and United Travel franchises) · Corporate travel (Atlantic Pacific, Signature Travel, Biztrav) · Online distribution (Zuji licence, Serko, Calypso) · Technology (Access Interactive and Interactive Technologies Limited).

The prospectus forecasts continued growth driven by the ongoing expansion of outbound travel from New Zealand and through various strategies including the development of online distribution channels such as Zuji, which would provide the means for the group to further diversify into the inbound tourism market, allowing it to market its inbound product directly to the global marketplace.

Proceeds from the offer will be used for the acquisition of the entities making up the group. Founder and managing director Andrew Bagnall and other management will hold 35% of the shares in the group.

The lead manager and underwriter of the offer is UBS. Macquarie Equities and First NZ Capital have been appointed New Zealand retail co-managers and UBS Private Clients Australia Limited has been appointed the Australian retail co-manager. There is no public pool for the offer.

An investment statement has been prepared in relation to the shares in Gullivers Travel Group. A copy of a combined investment statement and registered prospectus is available free of charge from the lead manager, UBS, and the New Zealand retail co-managers, Macquarie Equities NZ Limited and First New Zealand Capital Securities. Application has been made to the NZX for permission to list Gullivers Travel Group, and all the requirements of the NZX relating thereto that can be complied with on or before the date of this advertisement have been duly complied with. However, the NZX accepts no responsibility for any statement in this advertisement.

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

ScoopPro: Helping The Education Sector Get More Out Of Scoop

The ScoopPro professional license includes a suite of useful information tools for professional users of Scoop including some specifically for those in the education sector to make your Scoop experience better. More>>

Big Tax Bill Due: Destiny Church Charities Deregistered

The independent Charities Registration Board has decided to remove Destiny International Trust and Te Hahi o Nga Matamua Holdings Limited from the Charities Register on 20 December 2017 because of the charities’ persistent failure to meet their annual return obligations. More>>

57 Million Users' Data: Uber Breach "Utterly Preventatable"

Cybersecurity leader Centrify says the Uber data breach of 57 million customer and driver records - which the ride-hailing company hid for more than a year - was “utterly preventable”. More>>

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Having A Cow? Dairy Product Prices Slide For Fourth Straight Auction

Dairy product prices fell at the Global Dairy Trade auction, retreating for the fourth straight auction amid signs of increased production... Whole milk powder fell 2.7 percent to US$2,778 a tonne. More>>

ALSO:

Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>

ALSO:

Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>

ALSO: