Aviation company Airwork intends to raise up to $40 million and to list on the New Zealand stock exchange next month with an expected market capitalisation of more than $130 million.
More than 15 million shares are being offered at $2.60 to retail brokers and institutional investors but there will be no public pool.
Airwork owns, operates, maintains and upgrades helicopters and fixed-wing aircraft and its clients include emergency services, law-enforcement agencies, and members of the oil and gas and tourism industries.
It has trans-Tasman operations and this year entered into contracts in Europe and Africa, both of which Airwork sees as growth areas.
Of the $40 million expected to be raised, about $15 million will go towards growing the business and $5 million will be used to pay off debt.
Airwork chief executive Chris Hart says the remainder will go towards buying shares from the company's major shareholder, Hugh Jones, who will retain at least 51% of the company.
Airwork is forecasting sales will grow 5% to nearly $125 million over the 2014 financial year.
And it's forecasting a near 30% jump in net profit to $8.4 million, partly because Airwork will pay off debt with the money raised from the float.