Utility software maker Gentrack shoots for $100m listing

Strong values for technology stocks on the New Zealand Stock Exchange are driving a flurry of listing activity.

Utility and airport management software company Gentrack is aiming to raise more than NZ$100 million through a public offering of just under 60% of the company's shares.

The Auckland, New Zealand, based company, which generated NZ$40 million in sales in 2013, bolstered its board earlier this month in a move widely perceived as preparation for a listing announcement.

According to the National Business Review, Gentrack aims to raise NZ$101.8 million in its offering next month.

The shares will reportedly be offered at a price in the range of NZ$2 to NZ$2.50. The offer will open on June 9, after a bookbuild, and close on June 20.

Gentrack develops the Gentrack Velocity billing platform for utilities and Airport 20/20 for airport management. It claims 150 customers in 20 countries and employs 180 staff.

Gentrack was the second New Zealand company to announce a listing today, following cloud travel management company Serko.

The New Zealand Stock Exchange is offering high valuations for such tech stocks. Wellington-based cloud accounting company Xero topped Forbes' list of global growth companies last week, in an analysis based on how high investors had bid up stock values in expectation of future growth.