Dealer group pitches IPO plans

Car dealer group Armstrong’s is believed to be pitching its plans for a dual listing on the NZX and ASX to institutional investors across the country during a “non-deal” roadshow.

It is understood the series of meetings led by founder and executive director Rick Armstrong, pictured left, and chief executive officer Troy Kennedy, pictured right, got under way on March 2.

The briefings are still “non-deal” at this stage, meaning no price or forecasts have been put in front of investors, reports the NBR and Australian Financial Review.

The Australian newspaper adds that Armstrong’s has apparently told fund managers it will make a decision on the potential initial public offering by the end of March.

The company announced in November it was contemplating a dual listing this year as part of a review of its capital structure.

Armstrong’s had group revenue of $448 million in 2019 and it expects that figure to be more than $500m in the 2022 financial year.