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

 


Gentrack lists on NZX Main Board and ASX

Gentrack completes successful IPO – lists on NZX Main Board and ASX

Gentrack Group Limited (Gentrack, the Company) shares will begin trading on the NZX Main Board and ASX today using the code GTK following the successful Initial Public Offering (IPO) that raised NZ$99 million through the sale of new and existing shares.

Immediately prior to the commencement of trading of Gentrack’s shares on the NZX Main Board at 12 noon*, the Company will have a market capitalisation of NZ$174.5 million.

Chairman John Clifford says the IPO attracted strong support from institutional and retail investors.

“Investors clearly understand the attributes and position of Gentrack’s solutions for utilities and airports on the domestic and international stage, backed by the proven capabilities of its staff and management team to deliver profitable growth.”

“We are delighted to welcome as investors institutions in New Zealand and Australia and eligible retail investors in the UK, New Zealand and Australia.”

The new capital raised in the IPO will be used to pay down all existing debt and provide a platform for further growth, including potential acquisitions.

Chief Executive Officer James Docking says the transition to a publicly listed company will provide assurance for Gentrack’s existing and potential customers who include large electricity, gas and water utilities and major international airports globally.

“Market orientated reforms of the power and water sectors in Australia and the United Kingdom are creating opportunities for Gentrack’s Velocity billing and CRM solution and will help maintain our track record of delivering compound annual revenue and earnings growth. Further out we believe similar dynamics will make other international markets attractive for Gentrack to enter.”

For the 2014 financial year, Gentrack has forecast pro forma earnings before interest, tax, depreciation and amortisation (EBITDA) of NZ$14 million on revenues of NZ$40.6 million. The Company is intending to pay its first dividend in December 2014 of NZ3.5 cents a share for the period from IPO to the financial year end of 30 September 2014.

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Copper Broadband: Regulator Set To Keep Chorus Pricing Largely Unchanged

The Commerce Commission looks likely to settle on a price close to its original decision on what telecommunications network operator Chorus can charge its customers, though it probably won’t backdate any update. More>>

ALSO:

Lower Levy For Safer Cars: ACC Backtracks On Safety Assessments

Dog and Lemon: “The ACC has based the entire levy system on a set of badly flawed data from Monash University. This Monash data is riddled with errors and false assumptions; that’s the real reason for the multiple mistakes in setting ACC levies.” More>>

ALSO:

Fast Track: TPP Negotiations Set To Accelerate, Groser Says

Negotiations for the Trans-Pacific Partnership will accelerate in July, with New Zealand officials working to stitch up a deal by the month's end, according to Trade Minister Tim Groser. More>>

ALSO:

Floods: Initial Assessment Of Economic Impact

Authorities around the region have compiled an initial impact assessment for the Ministry of Civil Defence, putting the estimated cost of flood recovery at around $120 million... this early estimate includes social, built, and economic costs to business, but doesn’t include costs to the rural sector. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news