Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Rakon IPO closes

12 May

Rakon IPO closes

Rakon Limited confirms that its initial public offer of 41,250,000 ordinary shares valued at $66 million successfully closed today, Friday, 12 May 2006.
Retail brokers and institutions received an allocation of shares, and demand exceeded the number of shares being offered by many times. There was no general or public pool for shares in Rakon.

Applicants participating in the IPO will be sent notices of allocation on 15 May.

Rakon's Managing Director, Brent Robinson, said "Rakon is extremely pleased with the level of interest in the IPO. More than 1,800 investors have applied for shares including a significant number of staff".

On listing Rakon will have approximately 39% of its shares held by new institutional and retail investors and employees of Rakon, with the remaining 61% owned by shareholders that were on Rakon's share register prior to listing.

The issue price of NZ$1.60 per share was set in line with demand from international and domestic institutions and domestic retail brokers. At $1.60 per share Rakon will have a market capitalisation of approximately $170 million.

Mr Robinson said proceeds from the IPO were intended to fund further growth through new product development, investment in new manufacturing equipment and factory expansion.

UBS New Zealand Limited acted as Lead Manager for the IPO, and Jonathan Oram director capital markets said the high level of interest in Rakon was a strong endorsement of the company, providing an opportunity for local investors to share in the growth of a home-grown technology company with a true global footprint. "The IPO of Rakon demonstrates that the New Zealand capital markets are capable of valuing high growth companies," he said.

Rakon designs and manufactures high performance crystals and oscillators and currently supplies to over half of all GPS products manufactured world-wide.

All GPS receivers use quartz crystals in the decoding of satellite positioning data by oscillating at very specific frequencies and Rakon was the first to develop temperature controlled crystal oscillators that were small, inexpensive and precise enough under the dynamic temperature changes that GPS systems experience.

Rakon's shares are due to be quoted on NZSX under the issuer code "RAK" on Tuesday, 16 May 2006.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

BusinessDesk: Body massages and Uber are in, DVDs are out, says Stats NZ

Statistics New Zealand has rejigged the consumers price index basket in its latest three-year review, adding body massages, Airbnb and Uber and removing DVD and Blu-Ray players…More>>

ALSO:


StuffMe: Commerce Commission Welcomes Dismissal Of Merger Appeal

In a summary of their judgment released today, Justice Dobson and lay member Professor Martin Richardson dismissed the appellants’ process criticisms and found the Commission was entitled to place significant weight on the prospect of reduced quality of the products produced by the merged entity. More>>

ALSO:

Digital Futures: New Chief Technology Officer Role Created

Communications Minister Clare Curran has called for expressions of interest for the new role of Chief Technology Officer position to help drive a forward-looking digital agenda for New Zealand. More>>

Real Estate: NZ house sales slump in December but prices still firm

The number of property sales across New Zealand slumped 10 percent in December from a year earlier but prices continued to lift, according to the Real Estate Institute. More >>

ALSO:


Dry: Beef + Lamb Launches Drought Resources

The resources include a fact sheet outlining strategies to manage and mitigate the effects of drought, coping with stress on the farm and advice on feed requirements and animal welfare during the dry period. More>>

ALSO:

InternetNZ: Net Neutrality Failure In US "Will Hurt All Users"

InternetNZ Chief Executive Jordan Carter has condemned the decision by the United States communications regulator to undo 2015 open Internet rules, warning that all Internet users will end up worse off as a result. More>>

ALSO: