- Release Date: 25/06/14 13:36
- Summary: LISTING: GTK: GTK completes successful IPO - lists on NZX and ASX
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GTK 25/06/2014 13:36 LISTING REL: 1336 HRS Gentrack Group Limited LISTING: GTK: GTK completes successful IPO - lists on NZX and ASX 25 June 2014 Gentrack completes successful IPO - lists on NZX Main Board and ASX Gentrack Group Limited (Gentrack, the Company) shares will begin trading on the NZX Main Board and ASX today using the code GTK following the successful Initial Public Offering (IPO) that raised NZ$99 million through the sale of new and existing shares. Immediately prior to the commencement of trading of Gentrack's shares on the NZX Main Board at 12 noon*, the Company will have a market capitalisation of NZ$174.5 million. Chairman John Clifford says the IPO attracted strong support from institutional and retail investors. "Investors clearly understand the attributes and position of Gentrack's solutions for utilities and airports on the domestic and international stage, backed by the proven capabilities of its staff and management team to deliver profitable growth." "We are delighted to welcome as investors institutions in New Zealand and Australia and eligible retail investors in the UK, New Zealand and Australia." The new capital raised in the IPO will be used to pay down all existing debt and provide a platform for further growth, including potential acquisitions. Chief Executive Officer James Docking says the transition to a publicly listed company will provide assurance for Gentrack's existing and potential customers who include large electricity, gas and water utilities and major international airports globally. "Market orientated reforms of the power and water sectors in Australia and the United Kingdom are creating opportunities for Gentrack's Velocity billing and CRM solution and will help maintain our track record of delivering compound annual revenue and earnings growth. Further out we believe similar dynamics will make other international markets attractive for Gentrack to enter." For the 2014 financial year, Gentrack has forecast pro forma earnings before interest, tax, depreciation and amortisation (EBITDA) of NZ$14 million on revenues of NZ$40.6 million. The Company is intending to pay its first dividend in December 2014 of NZ3.5 cents a share for the period from IPO to the financial year end of 30 September 2014. For further information please contact: Aaron Baker Marketing Manager Gentrack Group Limited +64 9 966 6100 *Trading on the ASX will begin at 10.30am (AEST) About Gentrack Auckland-based Gentrack is a developer of specialist software for energy utilities, water companies and airports around the world. It employs 180 people in offices in Auckland, Melbourne and London and services more than 150 utility and airport sites in 20 countries. Gentrack is comprised of two leading software products - Gentrack Velocity and Airport 20/20. Gentrack Velocity is a specialist billing and CRM product designed for Energy utilities and Water companies. Airport 20/20 is a comprehensive Airport Management System engineered to optimise an airport's operations and enhance the passenger experience. End CA:00252019 For:GTK Type:LISTING Time:2014-06-25 13:36:44
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- Ann: LISTING: GTK: GTK completes successful IPO - lists on NZX and ASX
Ann: LISTING: GTK: GTK completes successful IPO - lists on NZX and ASX
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