Investors who took up the private placement of GeoOp shares
this week had plenty of reasons to feel happy yesterday after
the shares listed at $2.40, well above the $1 placement.
GeoOp made its debut on the NZAX after it sold shares in a
private offering, raising $10 million to fund its global
The shares first traded at $2.40, having sold at $1 apiece in
an offering the company said was more than three times
Trading was volatile. Shares went as low as $1.38, before
settling at $2, valuing the company at $54.5 million.
However, Craigs Investment Partners broker Chris Timms said
the shares last traded at $2.28, giving placement investors
plenty to smile about.
''There will be a few people out there happy after paying
just a $1 for them in the placement,'' he said.
The company had $124,000 revenue in the year to March 31, for
a $312,000 loss, according to its most recent annual report.
GeoOp software allows small businesses to manage their
Chief executive Leanne Graham said users of its software as a
service, which costs $20 per mobile user, climbed to 4500 in
September from 1600 in January. About 55% of its customers
were in Australia and 17% in North America.
Ms Graham owns about 23% of the company, according to
Companies Office records, behind Nicholas and Russell
Bartlett, with 24%. Chairman Mark Weldon, former CEO of NZX
The company said its mobile software was targeting sole
traders in small to medium-sized businesses with up to 200
field staff. Its software is available via the Apple App
store, Google Play and its own website.
The software helps small businesses manage ''every part of
their work, from creating to viewing a job, to assigning and
scheduling it, creating quotes, accessing parts lists,
carrying out the job and completing the invoicing and
payments process'', the company says.