11 Jun 2014

Measuring company ikeGPS to float

1:56 pm on 11 June 2014

A company which supplies digital measuring tools is the latest business to announce plans to float on the New Zealand stock market.

ikeGPS is the most recent business to announce a float, joining Hirepool, Serko and Asaleo Care.

The company sells machines which digitally measure distances using technology such as lasers, cameras, GPS and 3D compasses.

It has more than 200 customers including architects, engineers and the businesses in the construction sector.

Chief executive Glenn Milnes said it wants to raise up to $25 million through new shares, to accelerate growth, particularly in America, with money used to hire more sales staff, and develop new products.

He says there'll also be a sale of up to $6 million of existing shares.

A prospectus is expected to be available before the end of the month.