CropLogic plans AUD $8m IPO in ASX listing
The Christchurch-based company is offering 40 million shares at 20 Australian cents each with a minimum subscription of 25 million shares, or A$5 million. The capital will be used to fund market development, research & development, ASX listing costs and working capital, it said. In May, it completed an A$2 million pre-initial public offering funding round.
CropLogic's software models plant growth by gathering field data and making crop prescriptions and management recommendations. The company was incorporated in 2010 when it licensed the intellectual property for its software from the New Zealand Institute for Plant and Food Research, which had done 25 years of plant model research.
"The launch process brings about many opportunities for CropLogic to continue its development and expansion throughout the US, Australia, New Zealand, and into China," chief executive Jamie Cairns said. "Our strategy provides us with the opportunity to firstly use our technology to transform and optimise the business model of the acquired companies before then introducing additional services to their clients. It is a two-phase approach that we believe reduces the cost and risk of market entry.”
The company will begin its roadshow presentation showcase in Auckland and Wellington in the week beginning July 17, and in Melbourne and Sydney in the week beginning July 24.
