KEY POINTS:
Smart metering company Pulse Data listed yesterday on the NZAX alternative market but its offer was limited to about 500 existing shareholders.
Chairman Don Purdon said the company was looking at several phases of capital raising, including talking to cornerstone investors, a possible private placement in the new year, and eventually a public offer.
"We hope to migrate to the main board in the future."
The company wanted to raise up to $8 million over the next two years to achieve the break-even point.
It has about 140 customers but aimed to have up to 1800 installations in the first year, and 8000 by the end of year two.
Mr Purdon said the business was one that needed capital upfront to buy and install the equipment before it got paid.
Next week the company will launch a $5000 rights issue to shareholders, entitling them to up to 2500 new shares at $2.00 each.
Shares in Pulse Utilities were untraded at a price of $2.00.
- NZPA