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.