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

 

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

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:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news