ikeGPS raises A$20m for product development, acquisitions

ikeGPS Group has announced an equity raising of approximately A$20 million ($19.6m).

The equity raising consists of a fully underwritten institutional placement, which aims to raise A$18m, and a non-underwritten share purchase plan of up to A$2m.

The company said the funds will be used for new product development, sales and marketing efforts, potential strategic acquisitions, and general working capital.

ikeGPS plans to develop two new subscription product modules in collaboration with its customer council, targeting the electric utility industry in North America.

The placement will involve the issuance of around 22.2 million new ordinary shares, while the share purchase plan will be offered to eligible existing shareholders.

The offer price for the new shares will be A$0.81 per share.