9 Apr 2015

Fliway float off to a strong start

2:23 pm on 9 April 2015

Fliway says it is now in a strong position to realise its growth strategy after floating on NZX this morning.

Fliway listing. Chair of Fliway Craig Stobo and shareholder Gretchen Hawkesby ringing the bell at NZX.

Fliway's major shareholder and local personality, Gretchen Hawkesby rang the bell with so much enthusiasm at the debut of the freight and courier company's listing on the NZX, that the rope came off in her hand, prompting the chair, Craig Stobo, to toss it into the cheering crowd, as if it were a bouquet. Photo: RNZ / Diego Opatowski

The transport and courier company's share price opened at a 2 cent premium to its issue price of $1.20, before edging down to at $1.17, early this afternoon.

The issue price implied a market capitalisation of $54.5 million, with Gretchen and Duncan Hawkesby retaining a 54 percent stake in the business, after initially indicating they would hold between 30 and 50 percent.

Mr Hawkesby, who is also the chief executive, said the company has been able to reduce its debt to $12 million, which gives it the headroom it needs to expand the business.

Fliway is the NZX's first new listing of the year.