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

 


IkeGPS Group plans $31M IPO

IkeGPS Group, with shareholders including No 8 Ventures' Morel, plans $31M IPO

By Jonathan Underhill

June 11 (BusinessDesk) - IkeGPS Group, which sells a range of portable measuring devices and counts Jenny Morel's No 8 Ventures among its shareholders, plans to raise up to $31 million in an initial public offering, listing on the NZX's main board to fund growth into the US market.

The Wellington-based company would raise up to $25 million of new capital while existing shareholders would sell up to $6 million of stock, IkeGPS said in a statement. The offer is likely to be made later this month. Forsyth Barr and Deutsche Craigs have been appointed joint lead managers.

No 8 Ventures, which is ultimately owned by Morel, husband and former central bank governor Alan Bollard and family interests, currently holds about 28 percent of the company. Wellington businessman Alex Knowles owns about 12 percent and former Wellington mayor Kerry Prendergast and husband Rex Nicholls hold 10.5 percent, Companies Office records show. NYSE-listed General Electric, which has a trademark license agreement with IkeGPS, owns 5.9 percent.

“We are considering raising up to $25 million of new capital to accelerate ike’s growth, particularly in the United States," said chief executive Glenn Milnes. "The net proceeds of the proposed offer would be used to recruit additional sales and marketing staff, develop new products and extensions of existing products and generally meet the costs associated with ike’s growth plans.”

IkeGPS's range of products allow "remote measuring and modelling of objects using a combination of measurement software, cameras, lasers, computing, GPS and 3D-compasses," according to the company. Its products have a range of applications including for military and intelligence work to "capture data, measurements and models" in ,"hazardous or unfriendly locations." The products can also be applied to the oil and gas industry for use in seismic surveys and asset management, and to assist in disaster management, it says.

The company currently has more than 200 electric utility and engineering customers, it says.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news