Transport and logistics operator Fliway group, will seek up to $50 million in New Zealand’s first initial public offering of the year, with a sale expected next month.
The Auckland-based company, owned by its managing director Duncan Hawkesby and his wife Gretchen, has released a statement, saying it will sell shares to the public and institutional investors to raise between $30 million and $50 million.
BusinessDesk reports the offer is being arranged by lead manager Forsyth Barr, and details are expected to be announced next month.
“An initial public offering of new and existing shares allows the business to raise capital while allowing my family to retain a significant shareholding in Fliway,” says Duncan Hawkesby.
Hawkesby is listed as the sole director of the Fliway group of companies according to Companies Office documents.
Fliway owns 50% of United Parcel Service – Fliway (NZ) with Atlanta, Georgia-based UPS International Freight Forwarding. The unit has been trading since April 1998.
