AG-TECH COMPANY CROPLOGIC SET TO LIST ON ASX TOMORROW
11 September 2017, Written by David Simmons
CROPLOGIC Limited (ASX: CLI), which develops advanced technology systems to help agricultural growers, is set to list on the ASX on Tuesday.
The listing follows a fully subscribed IPO where offers in excess of $9 million were received, and CropLogic closed the offer at $8 million through the issuing of 40 million ordinary shares at an issue price of $0.20 per share, with $5 million of the capital raised underwritten by Hunter Capital Advisors.
This follows previously successful rounds of capital raising, including the oversubscribed $2 million pre-IPO round in May 2017.
Jamie Cairns, managing director of CropLogic, says listing on the ASX is the "fertile soil" the group needs to launch internationally.
"CropLogic's ASX listing is the foundation for our international growth plans, and we are delighted to have witnessed such a tremendous response from the market," says Cairns.
"The funds raised will be used to grow the business, fund market development, research and development and provide a healthy level of working capital."
The CropLogic system is built on technology developed over 30 years out of the New Zealand Institute for Plant and Food Research.
Over 600 field trials in four countries have been completed on the system which gathers field data via in-field sensors coupled with satellite communications, before processing the information to provide decision support to growers to help them improve the productivity of their crops.
Successful trials of the system have been completed on potatoes in China, USA, Australia and New Zealand.
CropLogic's listing on the ASX follows the group's recent announcement of the acquisition of USA-based ag-tech company Professional Ag Services.
CropLogic will list tomorrow on the ASX at 11am (AEST).
Business News Australia
Author: David Simmons