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Gentrack sets share price towards top end of price range

Gentrack sets share price towards top end of price range

Specialist utilities and airports software solutions provider Gentrack Group Limited (Gentrack or the Company) today announced a price of $2.40 per share (Price) following a successful bookbuild process to institutional investors and participating brokers subscribing to its Initial Public Offering.

Gentrack will sell 15 million new shares to raise $36 million in new capital to pay down debt and create a platform for further growth. Existing shareholders will sell 26.3 million shares to take the total offer size to $99 million, retaining a 43.2 per cent stake in the Company. The Price implies Gentrack will have a total of 72.7 million shares on issue and a market capitalisation of $174.5 million.

Gentrack Chairman John Clifford says investors were clearly impressed by the Company’s proven revenue and earnings record and its future prospects.

“Gentrack is heartened by the keen interest from institutional investors in New Zealand and Australia, as well as strong retail interest. Their support of the offer has led to the Price being set at the upper end of the indicative range of $2.00 to $2.50 a share. The successful IPO positions the Company to build on its strong track record of delivering mission critical software solutions to customers in New Zealand and overseas.”

The retail offer, which is available only to clients of participating brokers in New Zealand and eligible Gentrack employees, will open on 9 June 2014 and close on 20 June 2014.

Gentrack’s shares are expected to start trading on the NZX Main Board and ASX on 25 June 2014.


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