GDC to list with $8m raised

GDC Communications will go ahead and list on the New Zealand Stock Exchange this week having raised $8 million on a float that was oversubscribed at a factor of four to one.

The state of the share market hasn’t stymied all technology stock exchange listings despite EstarOnline’s IPO cancellation and the abortion of the Ihug/Force merger.

GDC Communications, an Auckland reseller and integrator of communications systems, will go ahead and list on the New Zealand Stock Exchange this week having raised $8 million on a float that was oversubscribed at a factor of four to one.

“Our company has a very different type of balance sheet to some of the other tech companies on the NZSE and the Nasdaq,” says GDC marketing manager Scott Forrest. “We’ve been audited for the last five years and have had year-on-year growth in that time.

“There are some new economy stocks which are quite well valued against their earnings and equity. GDC is a totally different proposition. We are a bricks and mortar company which has made the transition to clicks and mortar. GDC is out there maintaining four of Telecom’s patches, building fibre optic backbones for carriers, selling telephone systems and PABXes, and selling data and networking solutions.”

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