IkeGPS shares snapped up in $25m IPO

TOM PULLAR-STRECKER
Last updated 10:39 20/06/2014
ikegps, Leon Toorenburg
JOHN NICHOLSON/Fairfax NZ

IKEGPS: Executive director Leon Toorenburg with a small handheld GPS surveying unit, right, which the firm exports around the world.

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The market for new technology listings looks to be glowing red hot following a successful book-build by technology manufacturer ikeGPS.

All $25 million of new shares in the Wellington firm have been snapped up by institutional investors and brokers and the company said there would be no public pool.

Chairman Rick Christie said ikeGPS' investors had decided to cancel their original plan to also sell $6m of their existing shares through the initial public offering (IPO).

IkeGPS makes handheld devices and add-ons to mobile phones that can be used from a distance to photograph and record the exact location of anything from mobile phone towers and power poles to suspected landmines. Customers include utilities, aid agencies and the US military.

It is understood sales in the year to March were $1.9m and that the company recorded a loss for the period.

Milford Asset Management analyst Brooke Bone said last week that a licensing agreement that ikeGPS struck with US industrial giant General Electric in December would be a strong selling point for investors.

Under the deal, General Electric subsidiary GE Digital Energy agreed to rebadge ikeGPS' devices and sell them to its customers.

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