Wynyard shares to list near bottom of range, at $1.15
Investors snap up all of the $65m worth of shares being sought by intelligence software maker.
Investors have snapped up all of the $65 million worth of shares being sought by intelligence software-maker Wynyard Group, but at the low end of the $1.10 to $1.65 range nominated by joint lead managers UBS and Forsyth Barr.
The shares will list on the NZX on Friday, July 19, and will be the next tech stock to list after last month's spectacular debut by SLI Systems, a search engine developer, which gave investors a rare stag on listing day, May 31, rising nearly 20 percent.
Investors interviewed in the media earlier this week indicated some caution over the capital-raising, which only leaves $26 million of the funds raised for Wynyard's ambitious global growth plans.
Some $23.6 million is earmarked as payment for assets from Jade Corp, the Christchurch software firm which spun out Wynyard when its products began attracting attention globally from police forces, intelligence agencies and financial institutions. Another $12 million will repay debt, some of which is owed to Jade.
Some investors saw this structure as a negative for a company that is still projecting losses in the next two years as it invests in its growth potential.
"Wynyard Group is pleased with the support from institutional investors and retail broker firms in New Zealand," chief executive Craig Richardson says in a statement.
"Wynyard is an attractive company with growing recurring revenue and a clear four-step global growth plan which is forecast to drive strong revenue growth."
The company employs more than 120 staff across six regions and says it is "actively recruiting" in New Zealand, the United Kingdom and the United States.
(BusinessDesk)
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Wynyard shares to list near bottom of range, at $1.15
30241