CropLogic says A$8 million share offer fully subscribed
By Rebecca Howard
Aug. 16 (BusinessDesk) - CropLogic, the agricultural technology company which counts Powerhouse Ventures and the New Zealand Venture Investment Fund as shareholders, says its A$8 million initial public offering was fully subscribed and it is now set to list on the Australian stock exchange, with the finalised date subject to approval.
Christchurch-based CropLogic issued 40 million ordinary shares at an issue price of 20 Australian cents per share, with A$5 million of the capital raised underwritten by Hunter Capital Advisors.
"The funds raised will be used to fund market development, research and development and working capital," said Jamie Cairns, managing director of CropLogic, in a statement. The proposed listing date is Aug. 31, according to the company's prospectus.
The CropLogic system gathers field data, via in-field sensors coupled with satellite communications, to help growers improve the productivity of their crops.
Successful trials of the CropLogic system have been completed on potatoes in China, the US, Australia and New Zealand with four of the major multinational potato processors. Further to this, CropLogic is poised to start trials of the CropLogic system in other commodities such as corn, wheat, soybean and cotton.