Courier and data management firm Freightways has also been a solid performer, rising from its IPO price of $1.60 to close at $6.30 last night.
Fliway Group, which is set to list on the NZX on April 9, will provide the general public with its first new investment opportunity in the local freight and logistics sector since Freightways' 2003 float.
The Auckland-based company, owned by Duncan and Gretchen Hawkesby, is looking to raise between $27.3 million and $44.5 million in an IPO that will value the company at up to $63.6 million.
The final pricing of the shares - from an indicative range of $1.20 to $1.40 - will be set through a bookbuild on March 17.
It will be interesting to see how fund managers receive the Fliway deal, as they can be wary of offers that involve significant sums of cash going to existing shareholders rather than the IPO company.
As things stand, the Hawkesbys are looking to realise $18.2 million to $35.4 million through selling a 50 per cent to 70 per cent stake. About $9 million in new capital is also being raised, but that cash isn't going to be used for growing the business.
More than $6 million will go towards paying down debt, including $2.8 million in loans the Hawkesbys have provided to Fliway. Another $2.6 million of the new capital will be used to cover the costs of the IPO.
To be fair, reducing debt will probably put the company in a better position to pursue its growth plans.
And Fliway's revenue has grown 45 per cent since the couple acquired the business in 2006. It turned over $81.5 million last year.
Furthermore, $16.5 million in capital expenditure, including into the firm's vehicle fleet and IT systems, has taken place since their acquisition. Presumably the Hawkesbys could have taken that cash out of the business as dividends, but chose to reinvest it instead.
The Mainfreight IPO also involved a large sale of existing shares, with founder Bruce Plested and Neil Graham selling 60 per cent of the company for $34.2 million.