Deal Profile | Gadens advises on MOVE Logistics’ secondary listing on ASX
12 September 2022
Gadens has advised MOVE Logistics Group Limited (NZX: MOV, ASX: MOV) (MOVE) on the secondary listing of its shares on the Australian Securities Exchange (ASX). Trading in the shares of MOVE on the ASX commenced on 1 July 2022 and with a market capitalisation of approximately A$119 million on listing.
Founded in 1869, MOVE is one of the largest domestic transport and logistics businesses in New Zealand, with a nationwide network of branches, depots and warehouses and a multi-modal offer across road, rail, shipping and air freight.
Executive Director of MOVE, Chris Dunphy, commented:
“Our vision for MOVE is to be the best freight and logistics company in Australasia and a leader in sustainable logistics services. The dual listing on the ASX takes our company one step closer to achieving our aspirations, providing a pathway to a broader pool of institutional and retail investors and greater access to future capital to fund our growth strategy as needed. We have identified significant opportunities for growth and are excited about the potential for MOVE.”
Commenting on the secondary listing, partner Jol Rogers said:
“We are pleased to support MOVE with this next step towards becoming a major transport and logistics provider in Australasia. The dual listing is an important milestone in the execution of MOVE’s growth strategy.”
MOVE’s successful secondary listing on the ASX follows the Equity Capital Markets (ECM) Team at Gadens advising on a number of successful IPOs during the past 18 months, which include Silk Logistics Holdings, TEK-Ocean Group and Racing and Sports.
Deal value: Approximately A$119m market capitalisation on listing.
Practice group: Corporate
Key team members: The team advising on the transaction was led by partner Jol Rogers who was supported by Gary Lim (Senior Associate).