Tech company ikeGPS signals IPO

ikeGPS CEO Glenn Milnes

Tech company ikeGPS Group has confirmed it has plans to raise up to $25 million in an IPO and listing on the NZX main board.

Forsyth Barr and Deutsche Craigs have been appointed joint lead managers of the offer.

The Wellington-based firm has developed tools for businesses such as electricity utilities to photograph, measure and GPS locate objects such as telegraph poles.

Current shareholders include Jenny Morel's No8 Ventures, the government-backed New Zealand Venture Investment Fund and US conglomerate General Electric.

The company came onto NBR’s radar in December 2013 with a successful campaign on crowd-funding site Kickstarter.com.

The company raised a small amount of money for “Spike”, a smartphone accessory that uses a camera, laser and compass to take accurate 3D measurements of any object you photograph. The measurements can be geotagged and instantly shared.

This morning ikeGPS confirmed it was stepping up to the big league.

“We are considering raising up to $25 million of new capital to accelerate ike’s growth, particularly in the United States," ike chief executive Glenn Milnes says.

“The net proceeds of the proposed offer would be used to recruit additional sales and marketing staff, develop new products and extensions of existing products and generally meet the costs associated with ike’s growth plans.”

In conjunction with the issue of new shares, there will be a sale of up to $6 million of existing shares.

The proposed offer of ordinary shares to the New Zealand public and selected institutional investors is expected to be announced in late June this year, the company says.

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