Gentrack shares debut at $2.58 on NZX after IPO to pay debt, allow selldown

Wed, 25 Jun 2014

By Jonathan Underhill June 25 (BusinessDesk) - Gentrack Group, which develops utilities and airports software, first traded at $2.58, up 7.5 percent from the price in an initial public offering that raised funds to repay debt and allowed existing shareholders to sell down their holdings. The company raised $36 million of new capital that will be used to repay debt taken on for its management buyout in 2014 and to cover IPO costs. At the same time, existing shareholders including chairman John Clifford and executive director James Docking...

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