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


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news