New Zealand’s Gentrack, IPO rising NZ$99 million

New Zealand utilities software developer Gentrack LTD said on Friday it would sell its new shares toward the top of its indicated range way ahead of an initial public offering and stock exchange listing. Gentrack plans to sell 15 million new shares at $2.40 NZ apiece. In addition, existing shareholders will sell 2.3 million shares valuing the total offer at NZ$99 million, hopefully giving the company a market capitalization 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 offerings will be used to pay down debt and fund future growth for Gentrack. Gentrack has developed and sold software to numerous energy companies, water and utilities and airports in Australia, the United States, and Britain. The IPO, which is being managed by UBS, plans to open next week and Gentrack is expecting to list on the New Zealand Australian Stock exchange on June 25, 2014