WELLINGTON May 26 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
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
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
($1 = 1.1691 New Zealand dollars)
(Reporting by Gyles Beckford; Editing by Matt Driskill)