ROCOM Wireless Repeats IPO Success
Media Statement From ROCOM Wireless Limited
ROCOM Wireless Repeats IPO Success in Subsequent Public Offer
ROCOM Wireless Limited's subsequent public offer (SPO) of 3.6 million shares, priced at 50 cents each, closed heavily oversubscribed on Wednesday (14 February) in a repeat of the company's strongly supported initial public offer in August 2000.
"The response from investors has been fantastic," says Steve Borich, Managing Director of ROCOM Wireless. "We have yet to receive final numbers but the SPO has been a huge success and has been heavily oversubscribed."
Mr Borich says the level of investor support is a strong vote of confidence in the company.
"Investors have recognised the strength of our position leading up to the roll-out in New Zealand of CDMA. As a provider of wireless communications solutions to the corporate and business markets, ROCOM will be at the forefront of this roll-out, working with leading businesses to enable them to take full advantage of new mobile data applications."
The SPO, which opened on 23 January, is the first by a New Capital Market company. Funds from the issue will be used - along with the allocation of 6.2 million ROCOM Wireless shares - to fund the purchase of ROCOM Limited, which will represent the company's Key Transaction.
"The purchase of ROCOM Limited has provided a strong platform from which ROCOM Wireless can continue to develop," says Mr Borich.
Through our direct relationships with Telecom New Zealand's major corporate customers, ROCOM Wireless is working closely with Telecom to maximise the opportunities presented by its CDMA network. "With the formation last year of our Wireless Computing Division and this strong customer base, ROCOM is positioned to be a leader in the provision of data-over-cellular solutions to the corporate market," says Mr Borich.
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