Menu
9 Spokes closes $25m IPO offering

9 Spokes closes $25m IPO offering

The New Zealand start-up is also set to list on the ASX soon

Mark Estall (9 Spokes CEO)

Mark Estall (9 Spokes CEO)

New Zealand Cloud based business software company, 9 Spokes, has closed a $25 million capital raise early following strong support from investors, including investment funds. The company is also set to list on the ASX on June 9.

Under the IPO, a total of 125 million new shares were issued at $0.20 per share and has raised $25 million. The 9 Spokes IPO did not incorporate any sell-down by pre-existing shareholders.

About 47 per cent of the shares on issue following the IPO will be subject to escrow for varying periods of time. The majority of shares held by directors and founders will be subject to escrow for 24 months from the date of listing.

9 Spokes co-founder and CEO, Mark Estall, said it decided to list on the ASX for two reasons - it is a good place to raise capital and provides channel partners with validation and security in terms of transparency, governance, and reporting.

Estall mentioned early stage New Zealand investors demonstrated their long-term support and have contributed a considerable amount towards the funding.

“The 9 Spokes IPO received a significant amount of institutional interest with more than 25 funds participating in the raise. Foster Stockbroking acted as Lead Manager to the IPO, with First New Zealand Capital as Corporate Adviser.

“From the start, 9 Spokes was established as a global business and has focused on delivering to SME markets around the world,” he said.

He also said that the company has already partnered with significant organisations, which provide a channel to the SME market, and will continue to engage new channel partners in new geographies and industry verticals.

“We’re now executing on that strategy and we’re delighted that so many of our first investors are with us on the journey. We are delighted to have new investors supporting our global growth strategy and to be working with great forward thinking partners such as Barclays Bank, Deloitte and Suncorp,” he added.

Estall added that 9 Spokes is targeting SMB owners globally that are rapidly adopting Cloud based business software.


Follow Us

Join the New Zealand Reseller News newsletter!

Error: Please check your email address.

Tags ASXstart-upcapital raising9 Spokes

Slideshows

Top 50 defining moments of the New Zealand channel in 2016

Top 50 defining moments of the New Zealand channel in 2016

Reseller News looks back on a tumultuous 12 months for the New Zealand channel, assessing the fallout from a year of sizeable industry change. Whether it be local or global mergers and acquisitions, distribution deals or job changes, the channel that started the year differs somewhat to the one set to finish it - Reseller News assesses the key moments that made 2016.​

Top 50 defining moments of the New Zealand channel in 2016
​Hewlett Packard Enterprise honours high achieving NZ channel

​Hewlett Packard Enterprise honours high achieving NZ channel

Hewlett Packard Enterprise honoured its top performing Kiwi partners at the second running of its HPE Partner Awards in New Zealand, held at a glitzy ceremony in Auckland. Recognising excellence across eight categories - from distributors to resellers - the tech giant celebrated its first year as a standalone company, following its official split from HP in 2015.

​Hewlett Packard Enterprise honours high achieving NZ channel
Nutanix treats channel partners to Christmas cruise

Nutanix treats channel partners to Christmas cruise

Nutanix recently took to the seas for a Christmas Cruise around Sydney Harbour with its Australia and New Zealand staff, customers and partners to celebrate a stellar year for the vendor. With the sun out, they were all smiles and mingled over drinks and food.

Nutanix treats channel partners to Christmas cruise
Show Comments