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.