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 growth.
The shares first traded at $2.40, having sold at $1 apiece in an offering the company said was more than three times oversubscribed.
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 workforce.
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 owns 6.6%.
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.
