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

 


ikeGPS Group Signals IPO & NZX-Listing to Accelerate Growth

11 June, 2014

ikeGPS Group Limited Signals IPO and NZX-Listing to Accelerate Growth

ikeGPS Group Limited (ike) is considering an initial public offer (IPO) of up to $25 million of new capital and associated listing on the NZX Main Board.

The proposed offer of ordinary shares to the New Zealand public and selected institutional investors is expected to be announced in late June this year.

ike provides solutions for the remote measuring and modelling of objects using a combination of measurement software, cameras, lasers, computing, GPS and 3D-compasses. ike has over 200 electric utility and engineering customers and has recently agreed a Trademark License Agreement with General Electric. In addition, ike’s new mobile solution “Spike” brings the power of this technology to a smartphone or tablet platform.

ike Chief Executive Glenn Milnes said: “We are considering raising up to $25 million of new capital to accelerate ike’s growth, particularly in the United States. 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.”

In conjunction with the issue of new shares, there will be a sale of up to $6 million of existing shares.

Forsyth Barr and Deutsche Craigs have been appointed Joint Lead Managers and Joint Organising Participants to the offer. Expressions of interest should be made to the Joint Lead Managers.

No money is currently being sought and no applications for securities will be accepted or money received unless the subscriber has received an investment statement. Indications of interest do not involve an obligation or signal a commitment of any kind.

ike intends to apply to NZX Limited for permission to quote ike’s ordinary shares on the NZX Main Board. Quotation is subject to approval by NZX and NZX accepts no responsibility for any statement made in this announcement. The NZX Main Board is a registered market operated by NZX Limited, a registered exchange under the Securities Markets Act 1988.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

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