NZ's Gentrack prices new shares, IPO seen raising NZ$99 mln

WELLINGTON, June 6 Thu Jun 5, 2014 7:07pm EDT

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WELLINGTON, June 6 (Reuters) - New Zealand utilities software developer Gentrack Ltd said on Friday it would sell new shares toward the top of its indicated range ahead of an initial public offering and stock exchange listing.

Gentrack will sell 15 million new shares at NZ$2.40 each, worth NZ$36 million ($30.5 million), after a bookbuild with institutional investors and brokers.

In addition, existing shareholders will sell 26.3 million shares, valuing the total offer at NZ$99 million, and giving the company a market capitalisation of NZ$174.5 million.

Last month Gentrack said it planned to sell up to 18 million new shares at between NZ$2.00 and NZ$2.50 each.

Proceeds from the offering will be used to pay down debt and fund future growth. Gentrack has developed and sold software to energy, water and airport utilities in Australasia, the United States, and Britain.

The IPO, which is being managed by UBS, will open next week, and Gentrack expects to list on the New Zealand Australian stock exchanges on June 25.

($1 = 1.1818 New Zealand Dollars) (Gyles Beckford)

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