News Column

ikeGPS IPO to raise $25 million to drive growth and NZX listing

July 16, 2014



ENP Newswire - 16 July 2014

Release date- 15072014 - Company History Careers Investors Products Spike GE Mapsight Use Cases Blog News Events Spike Tips Press Contact Support ikeGPS IPO to raise $25 million to drive growth and NZX listing

Posted on June 23, 2014.

ikeGPS Group Limited (ike or the Company) anticipates accelerating its drive to change the way physical assets are measured after allocating the full $25 million sought under its IPO to a number of institutions and brokers. The IPO comprises approximately 22.7 million new shares to be issued at an Offer Price of $1.10 a share.

ike has today registered a prospectus in relation to the IPO which is expected to open to clients of NZX Firms with firm allocations on 1 July 2014 (following the expected end of the Financial Markets Authority's consideration period) and close on 21 July 2014.

The Company has applied to NZX to quote its shares on the NZX Main Board and expects trading of its shares to begin on 23 July 2014. At the Offer Price, ikeGPS will have a pro-forma market capitalisation of approximately $55.1 million.

ike - I know everything - provides solutions for the remote measuring and modelling of assets using a combination of measurement software, cameras, lasers, computing, GPS and 3D-compasses. More than 250 electric utility and engineering customers are using ike's solutions and the Company has recently agreed a Trademark License Agreement with General Electric to market its electric utility solution as GE MapSight. In addition, ike's new mobile solution 'Spike' brings the power of this technology to a smartphone or tablet.

Chairman Rick Christie says the strong support for the Offer provides ike with the confidence to accelerate the sales and marketing of both its measuring solutions, GE MapSight and Spike, particularly in the United States and to further develop specific industry solutions.

'The opportunity for this step-shift technology is significant. One of our US engineering customers involved in electricity asset management has told us that they more than doubled productivity in the field and recouped its investment before the first project was complete.' GE is one of the largest suppliers of products, technology and systems to the utility market globally. ike's growth plans including providing sales teams to work with GE to promote GE MapSight, initially in the US and then internationally.

ike has also attracted the interest of In-Q-Tel, the company that accelerates innovation for the US intelligence community and Carahsoft, a supplier to US government departments, agencies and armed forces.

Chief Executive Glenn Milnes says the US electricity utility market and the architecture, engineering and construction sectors will be the immediate focus for the Company.

'ike has the potential to be a high growth, scalable business that delivers high margins on its products. ike's solutions have been validated by some of the world's leading organisations in GE and In-Q-Tel and the Company is now positioned to build quickly from that base.'

Key dates

Forsyth Barr Limited and Deutsche Craigs Limited are Joint Lead Managers and Organising Participants for the Offer. There will be no public pool so prospective investors should contact the Joint Lead Managers, their broker or any other NZX Firm for details. Copies of the investment statement and prospectus for the IPO can be downloaded at ikeGPS.com.

None of ike, the Joint Lead Managers, or any other person guarantees the shares nor warrants or guarantees their performance.

For further information contact:

Contacts:

Glenn Milnes

Chief Executive Officer

Mob: +64 21 0247 9857

Email: glenn.milnes@ikegps.com

Geoff Senescall

Senescall Akers

Mob: +64 21 481 234

Email: senescall@senescallakers.co.nz


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Source: ENP Newswire


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