ikeGPS raises $25 million, decides against offering existing shares
Quote:
ikeGPS Group Ltd completed a $25 million institutional & broker bookbuild at $1.10/share yesterday and expects to launch its initial public offering on Tuesday 1 July. The company intends to register a prospectus next Monday. There will be no public pool.
It’s also decided not to proceed with the sale of up to $6 million of existing shares. Chairman Rick Christie said: “The board has resolved that the offer will comprise an offer of new shares only and will not include the sale of any existing shares. All existing shares in the company will be subject to the escrow arrangements that will be detailed in the investment statement & prospectus.”
ike provides solutions for the remote measuring & modelling of objects using a combination of measurement software, cameras, lasers, computing, GPS & 3D-compasses. It has over 200 electric utility & engineering customers and has recently agreed a trademark licence agreement with General Electric. In addition, its new mobile solution, Spike, brings the power of this technology to a smartphone or tablet platform.
Chief executive Glenn Milnes said the company would use its new capital to accelerate its growth, particularly in the US.
Forsyth Barr & Deutsche Craigs have been appointed joint lead managers & joint organising participants to the offer.
Attribution: Company release
Interesting they didn't sell the $6m of existing shares. Suggests the bookbuild wasn't that strong? Or was it really strong that they have decided to get a better price post IPO?