Transport and logistics operator Fliway Group has been priced at $1.20 a share in the book-build for its $34 million initial public offering.
According to a BusinessDesk report existing shareholders Duncan and Gretchen Hawkesby will retain 54% of the South Auckland-based company.
The couple planned to retain 30 to 50% of the company after the IPO, according to the prospectus lodged with the Companies Office this month. The shares had been offered in an indicative range of $1.20 to $1.40.
The Hawkesbys will sell 20.9 million shares, below the 23.5 million minimum set out in the prospectus, to net $25 million. A further 7.5 million of new shares were sold to raise $9 million in new capital, of which $6.5 million will be used to reduce the company’s debt to $12.5 million, according to the prospectus.
The pricing values the company at $54.5 million, based on the 45.4 million shares the company expected to have on issue after the IPO.
Hawkesby says he will remain as the managing director of the company, which is forecast to have revenue of $85 million and net profit of $4.5 million in calendar 2015.
The Fliway Groups primary activities are transporting and warehousing freight throughout New Zealand and co-ordinating freight movements internationally, including customs clearance. It has more than 450 staff, 170 vehicles in its fleet, 11 branches and five warehouses around New Zealand.
