ikeGPS raises $25 million, decides against offering existing shares
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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?
What would none recommend
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Originally Posted by
percy
IKE was recently brought to my attention by someone whose record is second to none.!!
The 22nd of July presentation made excellent ready.
I greatly respect The Chairman,Rick Christie.He led Rangatira well as CEO, and his time at Ebos was very profitable for me.
I brought a small holding on 28th July at 70cents ps.The company will be a lot stronger with the capital raise,so I look forward to taking part in the SPP.
Presentation slide 33 being titled "FY17 outlook: Well positioned" is as good a reason to buy as any other I suppose.
Best Wishes
Paper Tiger