Proposed range up to $3.80 but final pricing values firm at $180 million, raising $40 million in new capital.
Eroad chief executive Steven Newman admits market conditions for new technology listings have taken a turn for the worse but the company is happy with the final pricing of its initial public offering coming in at the bottom of the indicative range.
Shares in the Auckland-based firm have been priced at $3 - out of a proposed range of $3 to $3.80 - and existing shareholders have sold less of their holdings in the developer of technology used by transportation operators to manage and pay road user charges, as well as for tracking fleets.
The final pricing values Eroad at $180 million and the offer will raise $40 million in new capital, which the company will use to chase growth in the United States.
Investor appetite for high-growth tech companies has gone south in recent months, wiping huge amounts of value off local tech stocks including Xero, Pacific Edge and GeoOP. Shares in technology developers Serko and ikeGPS have fallen below their offer prices since the companies listed last month and last week, respectively.