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

 

Myrtle Rust: Infections Found At 26 Sites

The affected properties include private gardens, plant nurseries and retailers and an orchard. The stats stand at: 21 properties in Taranaki, 3 in Northland and 2 in Waikato. More>>

Burgers To America: BurgerFuel Opens In The USA

BurgerFuel Worldwide are excited to announce the opening of their first USA based restaurant in Indianapolis, hot off the back of the Indy 500. More>>

English On Budget: Businesses Over-Egg Corporate Tax Cuts

Cutting New Zealand's 28 percent corporate tax rate is "not a panacea in the way business groups sometimes market it," says Prime Minister Bill English. More>>

ALSO:

Auckland Port To Recapture Gas: Union Calls On Ports To Stop Spewing Methyl Bromide

The Maritime Union of New Zealand welcomes the decision by Ports of Auckland to stop releasing methyl bromide emissions into the air. The move to fully recapture the toxic gas after fumigation sets a new benchmark for industry best practice. More>>

ALSO:

Retail: Banks Shoes Calls In Receiver

Banks Group, which runs 14 stores across the country under the brands including Banks Shoes and Shoe Connection, has been tipped into receivership at the request of director John Bank. More>>

ALSO: