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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Welcome Home: Record High Migration Stokes 41-Year High Population Growth

New Zealand annual net migration hit a new high in October as more people arrived from than departed for Australia for the first time in more than 20 years. More>>


Citizens' Advice Bureau: Report Shows Desperate Housing Situation Throughout NZ

CAB's in-depth analysis of over 2000 client enquiries about emergency accommodation shows vulnerable families, pregnant women and children living in cars and garages, even after seeking assistance from the Ministry of Social Development and Housing New Zealand. More>>


Speaking For The Bees: Greens Call For Neonicotinoid Pesticide Ban

The National Government should ban the use of controversial pesticides called neonicotinoids after evidence has revealed that even at low doses they cause harm to bee populations, the Green Party said today. More>>


Science Awards: NZAS Celebrate NZ Scientific Achievements

The Marsden Medal is awarded for a lifetime of outstanding service to the cause or profession of science, in recognition of service rendered to the cause or profession of science in the widest connotation of the phrase. This year’s medal is awarded to Dr Mike Andrews. More>>


Court Rules: Affco 'Unlawfully' Locked Out Meat Workers

The note says the full court found for the plaintiffs, "that is that the defendant locked out the second plaintiffs unlawfully and that it breached s 32 of the Act by acting otherwise than in good faith towards the plaintiffs while collective bargaining was still going on." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news