WELLINGTON, June 11 New Zealand software developer ikeGPS Group Ltd is considering raising up to NZ$25 million ($21.32 million) in new capital through an initial public offering to fund its growth in the United States.
The company, which creates remote measuring and modelling software for the utility and engineering sectors, said it planned to offer shares to domestic retail and institutional investors later this month ahead of a listing on the NZX's Main Board.
In a statement, ike said it had appointed Forsyth Barr and Deutsche Craigs as joint lead managers for the offer.
Ike is the fourth New Zealand company to announce IPO plans in less than a month, as a growing number of small technology firms tap the market to fund their expansions. ($1 = 1.1729 New Zealand Dollars) (Reporting by Naomi Tajitsu; Editing by Stephen Coates)