ERoad may raise $40 mln in IPO, seek NZX listing
June 30 (BusinessDesk) - 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.