Two technology companies are expected to list next month,
after initial public offerings (IPOs) announced yesterday.
Specialised utility and airport software solutions provider
Gentrack Group is seeking to raise up to $101.8 million and
gain a listing on the NZX main board and the NZX.
The offer would be of up to 18 million ordinary shares to
raise $36 million of new capital and the sale of 26.3 million
existing shares. The indicative price range of the shares in
the offer would be $2 to $2.50. The offer would be in two
parts - an institutional offer and a retail offer. There
would be no public pool.
Chairman John Clifford said the IPO would position the
company to build on its strong track record of delivering
software solutions to energy utilities, water companies and
''A listing on the NZX and ASX provided a transparent
ownership structure and strong balance sheet to assure
Gentrack's existing and future customers it is a robust
contracting partner, reinforcing its competitive position for
delivering fully operable software solutions on time on on
Gentrack had built a profitable business with compound growth
of earnings before interest, tax and amortisation of 16.1%
annually over the past five years, he said.
The growth had been underpinned by the contracted and
recurring revenues generated by new and existing
installations of its Gentrack Velocity solution for energy
and water utilities and its Airport 20/20 operational system.
The company's software was installed in 150 utility and
airport sites, Mr Clifford said.
Serko, a cloud-based tech-nology company, was seeking $22
million through an IPO with $17 million of new shares being
offered and existing equity holders selling a fur-ther $5
million of shares.
The online corporate travel booking and expense management
company planned to list on the NZX main board, chairman Simon
The offer, at $1.10 a share, was expected to open on June 4.
Chief executive Darrin Grafton said Serko's cloud-based
products made the process of booking travel and managing
''We have spent the past seven years developing a robust
technology solution that streamlines travel booking, assists
travellers and supports the management in what is, for most
corporations, their second-biggest cost category.''
Serko had also built a blue-chip user base, primarily in
The company was now seeking additional capital to expand its
reach into new markets across Asia-Pacific and potentially
beyond, he said.
Also, it would accelerate the development of new products.
At a glance
Specialist utility and airport software solutions provider
seeking to raise up to $101.8 million and gain a listing on
the NZX main board and the ASX. The offer opens on June 9 and
closes on June 20 with an expected listing on June 25.
Cloud-based technology company providing integrated corporate
travel booking and expense management solutions to about 6000
corporations and government agencies across the Asia-Pacific
region. Is seeking $22 million - $17 million of shares and
existing equity holders selling a further $5 million of
shares. Offer opens on June 4 and is expected to close on
June 19. An NZX listing is expected on June 24.