Tepid uptake in Eroad retail offering

Eroad manufactures electronic fleet management solutions. (Image: Eroad)

Tue, 26 Sep 2023

Just 26.9% of Eroad’s retail offering has been taken up by existing shareholders, raising $5.6 million of the deeply discounted capital raising. The transport software and hardware company had planned to raise $50m at 70 cents a share, of which $11.6m was to come from a placement to institutions, and the balance from existing shareholders via a 1 for 2.06 accelerated pro-rata renounceable entitlement offering. The institutional placement raised the $11.6m it sought from investors across New Zealand, Australia and furth...

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