18 Aug 2014

Eroad NZX listing planned since 2007

7:51 am on 18 August 2014

Eroad's major shareholder and chief executive says taking the company public is something he's been working towards since he first became involved with the transport technology firm back in 2007.

Steven Newman, who was previously Navman's chief executive, said Eroad's listing on the NZX was a dream come true.

Eroad's shares began trading on NZX on Friday at a 32 cent premium to $3 float price and ended the day even higher at $3.40, valuing the company at $204 million.

This launch was particularly festive and upbeat, as Eroad was the tenth company to list on the NZX this year.

Eroad sells technology to manage road user charges for trucks and provides other services, so it was appropriate that Mr Newman used a truck horn, rather than a traditional bell, to launch the company onto the market.