Jade appoints UBS Warburg to lead IPO

9.50am

Enterprise software company Jade Software Corporation Ltd has appointed UBS Warburg New Zealand Ltd as lead manager for its initial public offering of shares (IPO) and listing on the New Zealand Stock Exchange.

"UBS Warburg has the kind of capital markets experience and technology industry understanding that will result in this offer being very well supported," said Jade Chairman Hon Ruth Richardson.

In November 2001, Jade completed an initial round of $12.2 million in financing from the issue of convertible notes to a number of New Zealand and offshore investors.

At that time the company also announced an intention to proceed towards an IPO, which is expected to take place in the first half of next year, subject to equity market conditions at the time.

I-cap partners limited, which has been acting as corporate adviser to Jade since its first round financing, will continue in that capacity.

Chapman Tripp has been appointed as legal adviser.

Jade produces an enterprise application development environment called JADE 5, software products for healthcare, higher education, ports and shipping, and provides custom development services.

The company's products and services are sold by a network of distributors and channel partners to companies throughout Asia-Pacific, Europe and North America.