UPDATE: IkeGPS shares drop 14% in debut on tech-flooded bourse

Wed, 23 Jul 2014

By Suze Metherell July 23 (BusinessDesk) - Shares of IkeGPS Group, which makes portable measuring devices, slid about 14 percent in their debut on the NZX, where investors are spoiled for choice among tech companies. The shares fell as low as 90 cents, and recently traded at 95 cents compared to its initial public offer price of $1.10, valuing the company at $47.6 million. Wellington-based IkeGPS sold 22.7 million new shares, to raise $25 million in new capital to invest in marketing and sales as it shifts away from production development...

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