Gentrack Group plans to raise as much as $101.8 million in an initial public offering next month, allowing existing owners to sell down their holdings and giving the utility and airport management software company funds to repay debt.
The shares will be offered at an indicative price range of $2 to $2.50, valuing the Auckland-based company at between $151.4 million and $180.2 million, according to Gentrack's prospectus. The offer will comprise 14.4 million to 18 million of new shares, raising $36 million, and 26.3 million of existing shares, raising between $52.6 million and $65.8 million.
The bookbuild, pricing and allocation will be determined on June 5 for an offer that will open on June 9 and close on June 20, ahead of an expected June 25 listing on the NZX and ASX.
After the IPO, the existing owners will hold between 41.5 per cent and 43.5 per cent of the company. Chairman John Clifford and executive director James Docking each hold 21 per cent of the company, which has a total of 21 shareholdings.
The company's two software products are Gentrack Velocity, a billing product for energy and water utilities, and airport management system Airport 20/20. The products had originally been developed by Talgentra, an Auckland-based company that was sold to Australian metering company Bayard and ANZ Capital in 2009.
