Ready, steady, IPO… Auckland tech firm joins NZX listing club

The directors of Auckland-based EROAD Limited (EROAD) have announced that the company is considering an initial public offering and a listing on the NZX Main Board.

EROAD expects to seek to raise $40 million of new capital to allow it 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.

A prospectus is expected to be available in mid-July and the company expects the shares to be quoted on the NZX Main Board in mid-August.

“There were two things we said we needed to do,” EROAD CEO Steven Newman told the New Zealand Herald.

“Build a substantial business in New Zealand was one and the other one was to complete our approvals and start growing our business in Oregon, and we have done both of those things.

“It really allows us to get the funding in the business to grow other opportunities outside of the New Zealand and Oregon markets.”

Established to modernise New Zealand’s paper-based RUC regime, in 2009 the company launched the world’s first GPS/cellular-based road charging system, consisting of a government-certified hardware product combined with a bank-grade web-based service and RUC gateway.

According to Newman, preliminary indications of interest may be made by contacting the Sole Lead Manager for the offer, First NZ Capital, the Co-Manager for the offer, Deutsche Craigs Limited, or an authorised financial adviser.

Follow Us
on Google+

Hilton Auckland

As more and more conferences and events arrive in New Zealand, the opportunity to gain knowledge and build networks becomes better every day. Conferences can be hard work, and there’s nothing like retiring to a nice hotel room at the end of the day to relax and rest. But how do you turn a night in a hotel room into a lesson in building brand loyalty?   Read More →

Android App Review: Vimeo

NetGuide I review a lot of apps that, for one reason or another, aren’t that good. But it’s rare to find one that’s actually irredeemably broken. Video sharing website Vimeo’s app, however, is closer than it should be for an app with such obvious potential.   Read More →