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

 

Research: ‘Ageing Well’ Science Challenge Launched

Science and Innovation Minister Steven Joyce today launched the Ageing Well National Science Challenge, confirming initial funding of $14.6 million. More>>

ALSO:

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news