Christchurch-based agricultural technology company CropLogic has lodged a prospectus with the Australian Stock Exchange and plans to raise A$8 million though an IPO.
CropLogic collects field sensor data, climate data and aerial images and process the data in the cloud to deliver optimised, daily input prescriptions to growers in the format of their choice. It claims that its services are underpinned by “30 years of scientific research in forecasting plant growth by Plant & Food Research, New Zealand's premier national food research company.”
The company was recently recognised as one of the most promising early stage technology companies at the New Zealand 2016 TIN100 Awards.
CropLogic announced a year ago to the day its plans for an ASX listing after raising money to fund the move via crowd-funding platform Equitise. CropLogic said at the time it had received a positive response in a short timeframe from the investor community, raising $NZ512,200 via Equitise.
The company followed that in May this year with a $A2m pre-IPO capital raising led by Hunter Capital Advisors, which had been appointed lead manager for the planned listing.
The launch of CropLogic’s Prospectus follows the company’s recent announcement of the acquisition of Northwest USA-based agronomy services company, Professional Ag Services. This, CropLogic said, gave it “strategic, immediate access to the lucrative North American agricultural industry, and an established channel to further [our] presence and develop grower and processor relationships in the three key agricultural states in the USA.”
The Prospectus offers 40 million shares at an issue price of $A0.20 per share. If the IPO goes as planned CropLogic will have a market capitalisation over $A20 million. It says the capital raised will be used to fund market development, research and development, ASX listing costs and working capital.
CropLogic CEO, Jamie Cairns said the agritech sector was experiencing significant investor interest driven by the need to support global population growth, scarcity of water and need for food security. "CropLogic’s proprietary technology and unique value proposition assists crop growers with their irrigation requirements, nitrogen requirements and yield,” he said.