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

 


IkeGPS says it has firm allocations for $25M IPO

IkeGPS says it has firm allocations for $25M IPO, won't offer existing shares

IkeGPS Group, which sells a range of portable measuring devices and counts Jenny Morel's No 8 Ventures among its shareholders, said it has firm allocations from brokers and institutions for the $25 million it aims to raise next month but has abandoned plans to allow existing shareholders to sell into the offer.

The company had planned to raised up to $31 million, but the board has now decided existing shareholders won't sell any stock with the offer and instead those holdings will be subject to escrow arrangements. Details would be in a prospectus scheduled to be registered on June 23, the company said in a statement.

The share price was set at $1.10 via an institutional and broker bookbuild yesterday. The offer is expected to open on July 1 and close on July 21, ikeGPS said, adding that there would be no public pool.

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.

Net proceeds of the offer would be used to recruit sales and marketing staff and develop new products as part of a growth push.

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.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Statistics: Net Annual Migration Passes 71,000

A record 71,300 more migrants arrived in New Zealand than left in the January 2017 year, Statistics New Zealand said today. This surpassed the previous annual record set in December 2016. More>>

ALSO:

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news