NZX gears up for first float of 2015

by Hannah Norton04 Mar 2015
A firmer proposed offer for the sharemarket float of Auckland-based freight company Fliway Group Ltd is expected to be released in the next few days.

Last week the company announced it was considering an initial public offering (IPO) of its ordinary shares - with an offer size of around $30million to $50million, listing on the main board of the NZX.

A firmer proposed offer of shares - to the New Zealand public and selected institutional investors in New Zealand and Australia - is expected to be released later this week.

Forsyth Barr has been appointed arranger and lead manager for the proposed offer.

Fliway managing director Duncan Hawkesby said an an IPO of new and existing shares would allow the business to raise capital while allowing his family to retain a significant shareholding in the company.

The Companies Office register listed Hawkesby - son of former news presenter John Hawkesby - and his wife Gretchen Hawkesby – daughter of billionaire Graeme Hart – as the current sole shareholders of the company; which was incorporated on October 2, 2006.

According the Fliway’s website, the company has over 400 staff, over 150 vehicles and 15 sites across New Zealand.

This year follows a stellar 2014 for New Zealand equity capital markets, in which there were 16 new listings on the NZX - the most in single year for a decade - and $4.74bn of new capital raised.

“2014 was a good year across all our businesses,’’ NZX chief executive officer Tim Bennett said.

“Excluding the impact of the Government share offer programme in 2013 and 2014, new capital listed was up 87.1 percent, agri advertising revenues were up 8.1 percent, and fund management revenues were up 10.5 percent.”

“We also completed the acquisition of SuperLife, which will accelerate the development of the exchange traded funds market in New Zealand.’’

“While we will continue to make selective investments in 2015, our focus is on executing against the immediate opportunities we have in front of us. In the capital markets this includes the launch of the NXT market, growth in derivatives and the potential formation of a single securities settlement system for New Zealand.”