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

 

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