15 Aug 2014

NZX celebrates Eroad listing

3:15 pm on 15 August 2014

Transport technology company Eroad has become the 10th company to list on the New Zealand sharemarket this year.

Eroad sells technology to manage road user charges for trucks and provides other services.

The launch at NZX in Auckland today was particularly festive and upbeat as it celebrated the 10th new listing for 2014.

The company's shares were sold in the float at $3 a share, valuing the firm at $180 million.

Major shareholder and chief executive, Steven Newman, said the IPO had been a longstanding part of the company's plan.

The float has raised about $40 million of new capital for the company, which plans to use it for expansion. Existing shareholders also sold $6.1 million worth of shares.