EROAD raises NZ$50 million for growth strategy

EROAD has successfully completed its equity raising, raising approximately NZ$50 million in gross proceeds.

The capital raised will be used to strengthen EROAD's balance sheet, repay debt, and support its growth strategy, particularly in the North American market.

The Retail Bookbuild component of the equity raise saw 1.5 million new shares taken up by broker firms, while the remaining shares will be distributed to institutional investors.

The settlement date for the new shares is expected to occur in late September and early October.

EROAD's purpose is to create safer and more sustainable roads by developing and marketing technology solutions for vehicle fleet management and regulatory compliance.