Datasquirt achieves ASX float

Capital-raising target reduced

New Zealand contact centre software company Datasquirt has confirmed its share float on the Australian Stock Exchange is on track, with the minimum subscription amount of $A7 million (NZ$8.3 million) achieved.

Datasquirt’s original offer closed on August 16, following a week of major market volatility caused by US mortgage market jitters. The directors decided to extend the offer to September 14, but for a minimum subscription amount reduced to $A7 million from $A10 million.

A cornerstone shareholder is Australia's Macquarie Bank, which has taken a significant stake through its Australian Small Companies Fund. The fund's portfolio manager, Neil Carter, says "We think IT stocks are good value — many of these companies are in a strong growth position with better top- and bottom-line growth than industrial companies".

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