Gentrack Group has reportedly raised about $25.8 million from retail investors in the second part of a two-stage share deal to compensate the debts used for their previous acquisitions of Blip Systems A/s, Evolve Analytics, and CA Plus Limited for NZ $8.4 million, $23 million and NZ $11.4 million respectively.
Gentrack said in an announcement that the company is now offering a retail shortfall bookbuild for 1.93 million entitlements as being run today.
New Zealand based Gentrack Group Limited develops, integrates, and support enterprise billing and customer management software solutions for the energy and water industry as well as airport industries with operation in two areas mainlyUtility Billing Software and Airport Management Softwares like Gentrack Velocity, Junifer, Airport 20/20, BlipTrack and Concessionaire Analyzer+ (CA+).
Earlier this month, an institutional entitlement offer has raised about $31.5 million, and its deficit bookbuild of 3.4 million entitlements attained a stock price of $6.69 per share, with a premium of 50 cents for every share over the offer cost of $6.19. They have offered a discount of 19 cents per share to the theoretical ex-rights cost of $6.88. Deutsche Craigs and UBS New Zealand have endorsed the complete $90 million capital raise.
Aiming towards more acquisitions
The assets of $26 million with previously raised assets will go towards reimbursing bank obligation taken for the progression of four acquisitions, summing up to $138 million and will provide enough funds for fresh acquisitions.
In June, Gentrack purchased Evolove Analytics, a UK-based organization for the amount of $44 million. Additionally, they also acquired CA Plus and Blip Systems at $20.3 million and last year Gentrack bought UK billing and Junifer Systems for $74.6 million.
The stock last exchanged was at a price of $6.90, and have risen 4 percent this year. Based on analyst recommendations, the median target price of each stock was $6.69.