The Commonwealth Bank of Australia has taken a substantial shareholding in ERoad, two months after the logistics and fleet management company floated on the NZX.
Australia's largest bank holds a 5.19 per cent stake, or 3.1 million shares worth $9.54 million, in the Auckland-based company, according to a substantial holding notice lodged with the NZX. The stake is split across its subsidiaries, with Colonial First State Asset Management holding 4.4 per cent and ASB Bank 0.8 per cent.
According to the notice, the various subsidiaries bought 2.6 million shares for $3.5 million during the July bookbuild, and have since boosted their stake to above the 5 per cent substantial shareholder threshold.
In mid-August, ERoad listed on the NZX, raising $40 million in new capital to fund international growth.
It sold 15.3 million shares at $3 each, of which 70 per cent was bought by institutional investors with no public pool offered. Existing owners sold 2 million shares, or $6 million worth, into the initial public offer, to keep a 75 per cent stake in the company.
