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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Shocking Dairy Footage: MPI Failing Our Animals And Damaging Our Reputation

Greens “Nathan Guy needs to urgently look into how his ministry is enforcing animal welfare standards, how these appalling incidents happened under its watch and what it’s going to do prevent similar incidents happening again in the future." More>>


Land & Water Forum: Fourth Report On Water Management

The Land and Water Forum (LWF) today published its fourth report, outlining 60 new consensus recommendations for how New Zealand should improve its management of fresh water and calling on the Government to urgently adopt all of its recommendations from earlier reports. More>>



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>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news