SLI Systems completes $27m IPO

SLI Systems has completed its $27 million IPO, listing company shares on the NZX Main Board.

The Christchurch-based SaaS firm follows up on plans to take the business public after raising $15 million of new capital and $12 million to be paid to existing investors.

After receiving strong support from brokers with an offer of $1.50 a share, 620 new shareholders have now joined the company's register as a result of the move.

“We are delighted with the level of support from New Zealand investors and the confidence they have in our future," says Greg Cross, chairman, SLI Systems.

"The IPO and our listing on the NZX today has raised our profile among New Zealand investors and deepened the understanding of our business.

"We anticipate substantial interest in our performance and strategy from our new shareholders and potential investors as we go forward into this next stage of our evolution."

With 643 investors now on board, co-founder and CEO Shaun Ryan believes the completion of the IPO allows SLI to start on a new chapter in its development.

"There is global demand for our services due to the fantastic value they offer to customers," he says.

"The new capital - to be invested into additional sales and marketing initiatives in existing markets, expansion into promising new markets and enhancements to the product range - will assist SLI Systems to become a significant New Zealand company and a global success story.

"We're looking forward to reporting progress when we deliver our business results for the 2013 financial year in August."