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 airports internationally.
''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 budget.''
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 Botherway said.
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 expenses straightforward.
''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 Australia.
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
Gentrack
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.
Serko
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.
