CropLogic, the agricultural technology company, has first traded on the Australian stock exchange at 17 Australian cents, a 15 per cent discount to its initial public offering price.
The company, which counts Powerhouse Ventures and the New Zealand Venture Investment Fund as shareholders, raised A$8 million in a fully subscribed share offer last month. Christchurch-based CropLogic issued 40 million ordinary shares at an issue price of 20 Australian cents per share, with A$5 million (NZ$5.5m) of the capital raised underwritten by Hunter Capital Advisors.
Jamie Cairns, managing director of CropLogic, said at the time that the funds raised would be used to fund market development, research and development and working capital.
The CropLogic system gathers field data, via in-field sensors coupled with satellite communications, to help growers improve the productivity of their crops. Successful trials of the CropLogic system have been completed on potatoes in China, the US, Australia and New Zealand with four of the major multinational potato processors. Further to this, CropLogic is poised to start trials of the CropLogic system in other commodities such as corn, wheat, soybean and cotton.