NZ's Gentrack looks to raise NZ$36m, plans NZ & Aust listings

WELLINGTON Mon May 26, 2014 1:00am EDT

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WELLINGTON May 26 (Reuters) - New Zealand utilities software developer Gentrack Ltd said on Monday it planned to raise NZ$36 million ($30.8 million) in an IPO and list on the local and Australian bourses as it looked to expand.

The company said it would offer up to 18 million new shares, while existing shareholders would sell 26.3 million shares, which all together might raise as much as NZ$101.8 million.

It indicated the shares would be priced between NZ$2.00 and NZ$2.50 each, with the final price set by a bookbuild to institutional investors and brokers.

"A listing on the NZX and ASX provides a transparent ownership structure and strong balance sheet to assure Gentrack's existing and future customers that it is a robust contracting partner," chairman John Clifford said in a statement.

He said the company has had compound growth of earnings before interest, tax and amortisation of 16.1 percent a year over the past five years.

Clifford said the proceeds of the offer would be used to pay down debt and fund future growth.

The company has developed and sold software to energy, water and airport utilities in Australasia, the United States, and Britain.

It said the bookbuild would take place on June 5 with the offer, which is being managed by UBS, to open on June 9, close on June 20, and a listing on June 25.

It was the second planned listing unveiled on Monday, with corporate travel booking firm Serko Ltd looking to raise up to NZ$22 million through an issue of new shares and sell down from existing shareholders.

($1 = 1.1691 New Zealand dollars) (Reporting by Gyles Beckford; Editing by Matt Driskill)

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