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

 


ikeGPS IPO to raise $25m to drive growth and NZX listing

23 June 2014

ikeGPS IPO to raise $25 million to drive growth and NZX listing

ikeGPS Group Limited (ike or the Company) anticipates accelerating its drive to change the way physical assets are measured after allocating the full $25 million sought under its IPO to a number of institutions and brokers. The IPO comprises approximately 22.7 million new shares to be issued at an Offer Price of $1.10 a share.

ike has today registered a prospectus in relation to the IPO which is expected to open to clients of NZX Firms with firm allocations on 1 July 2014 (following the expected end of the Financial Markets Authority’s consideration period) and close on 21 July 2014.

The Company has applied to NZX to quote its shares on the NZX Main Board and expects trading of its shares to begin on 23 July 2014. At the Offer Price, ikeGPS will have a pro-forma market capitalisation of approximately $55.1 million.

ike – I know everything – provides solutions for the remote measuring and modelling of assets using a combination of measurement software, cameras, lasers, computing, GPS and 3D-compasses. More than 250 electric utility and engineering customers are using ike’s solutions and the Company has recently agreed a Trademark License Agreement with General Electric to market its electric utility solution as GE MapSight. In addition, ike’s new mobile solution “Spike” brings the power of this technology to a smartphone or tablet.

Chairman Rick Christie says the strong support for the Offer provides ike with the confidence to accelerate the sales and marketing of both its measuring solutions, GE MapSight and Spike, particularly in the United States and to further develop specific industry solutions.

“The opportunity for this step-shift technology is significant. One of our US engineering customers involved in electricity asset management has told us that they more than doubled productivity in the field and recouped its investment before the first project was complete.” GE is one of the largest suppliers of products, technology and systems to the utility market globally. ike’s growth plans including providing sales teams to work with GE to promote GE MapSight, initially in the US and then internationally.

ike has also attracted the interest of In-Q-Tel, the company that accelerates innovation for the US intelligence community and Carahsoft, a supplier to US government departments, agencies and armed forces.

Chief Executive Glenn Milnes says the US electricity utility market and the architecture, engineering and construction sectors will be the immediate focus for the Company.

“ike has the potential to be a high growth, scalable business that delivers high margins on its products. ike’s solutions have been validated by some of the world’s leading organisations in GE and In-Q-Tel and the Company is now positioned to build quickly from that base.”


Key dates

Expected Broker Firm Offer Opening Date9.00am, 1 July 2014
Offer Closing Date5.00pm, 21 July 2014
Expected commencement of trading on the NZX Main Board 23 July 2014 (12:00pm)

Forsyth Barr Limited and Deutsche Craigs Limited are Joint Lead Managers and Organising Participants for the Offer. There will be no public pool so prospective investors should contact the Joint Lead Managers, their broker or any other NZX Firm for details. Copies of the investment statement and prospectus for the IPO can be downloaded at ikeGPS.com

None of ike, the Joint Lead Managers, or any other person guarantees the shares nor warrants or guarantees their performance.


Important Notice

The offer of shares in ikeGPS Group Limited (Offer) is made on the terms and conditions set out in an investment statement and a prospectus each dated 23 June 2014. Applications for shares under the Offer must be made on the application form accompanying the investment statement. No applications or subscriptions for shares will be accepted until the end of the Financial Markets Authority’s consideration period, which is expected to end on 30 June 2014. Application has been made to NZX Limited for permission to quote ike’s ordinary shares on the NZX Main Board and all the requirements of NZX relating to the application that can be complied with on or before the date of this announcement have been duly complied with. However, 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.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news