SLI Systems prices $27m share sale

MARTA STEEMAN
Last updated 13:04 07/05/2013

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Christchurch IT firm SLI Systems is offering $27 million of shares for sale to the general public at $1.50 a share.

The company announced the price of the shares today.

The 12-year-old company offers specialised search software service to international and local clients and is growing rapidly.

Most of its business is overseas. It counts Harrods department store in London as one of its international clients. Its "software as a service" makes it easier for consumers to find products on retailers' and other companies' websites.

SLI Systems is offering $15m of new shares and existing shareholders are selling $12m of their shares.

The share price has been set at $1.50 per share following a book build to institutional investors and NZX firms. This final price gives SLI Systems an implied market capitalisation following the IPO of approximately $87 million.

The company said its share off had received strong support from brokers and widespread institutional investor support. Investor demand had exceeded the $27m offer by 147 per cent which is approximately 2.5 times the money sought, at the book build clearing price. 

Applications had been scaled. There will be no public pool.

Trade Me founder and technology entrepreneur Sam Morgan will invest an additional $1m at $1.50. 

Morgan's family trust made an investment of $1m in SLI Systems in late 2012.

SLI Systems Chairman Greg Cross said: "We are delighted with the extremely positive response from New Zealand brokers and institutions, with nine new institutions joining our register. It shows New Zealand investors are willing to support innovative New Zealand companies on the world stage."

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- © Fairfax NZ News

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