Steven Newman says the move to list is a "natural progression". Photo / File
ERoad, whose products allow transport companies to manage and pay road user charges and keep track of their fleet, is planning to raise around $40 million in new capital via an initial public offering before seeking to list on the NZX.
The Auckland-based company says it expects to release a
prospectus in mid-July and list on the NZX main board in mid-August.
Chief executive Steven Newman said the company had doubled staff numbers in the past year and was looking to grow by a similar number again in the year ahead, with the move to list seen as a "natural progression".
"There were two things we said we needed to do. 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," he said.
"It really allows us to get the funding in the business to grow other opportunities outside of the New Zealand and Oregon markets."
