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GeoOp sounds out interest for ASX listing

NZN 26/03/2017 Tina Morrison

GeoOp, the unprofitable management app developer, wants to delist from the New Zealand stock exchange's alternative market for fledgling companies and migrate to the Australian stock exchange.

The Auckland-based company is in the process of taking soundings from Australian institutional investors to determine their interest in participating in an initial public offering on the Australian Securities Exchange, it said on Monday.

GeoOp went public in 2013, selling shares at $1 apiece in an initial public offering. The stock last traded on the NZAX at 18 cents, valuing the company at $12.7 million.

In presentation notes detailing its desire to migrate to the ASX, GeoOp said its management team is located in Australia, 60 per cent of group revenues are generated there, and its major shareholders are Australian.

"Migrating and delisting from NZAX to ASX to improve liquidity and access to capital," it said in the notes.

GeoOp's products include GeoServices, for mobile workforce and job management, and GeoSales, a mobile sales workforce management app, and it is soon to launch its GeoCare mobile human services management tool.

The company has 27,000 clients in 30 countries, including Auckland Council, Downer and TrustPower.

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