IkeGPS raises A$18m for new product development

ikeGPS has successfully completed a fully underwritten placement, raising approximately A$18 million (NZ$19.6m) from sophisticated, professional, and institutional investors.

The placement received strong support, with over-demand from existing shareholders and new long-only ASX institutional investors.

The company will now offer eligible existing shareholders the opportunity to participate in a non-underwritten share purchase plan, aiming to raise up to A$2m.

The funds raised will be used for new product development, sales and marketing efforts, strategic acquisition opportunities, and general working capital.

ikeGPS plans to develop two next-generation subscription product modules in collaboration with its customer council.

Settlement of the placement shares is expected to occur on July 21, 2025.