Shares in New Zealand software developer Gentrack's initial public offer have been set at $2.40 a share - towards the top end of the $2.00 to $2.50 indicative price range- a spokesman for lead managers UBS New Zealand said.

Gentrack, which specialises in developing software for utilities companies and airports, is seeking to raise up to $101.8 million and expects to list in New Zealand and Australia on June 25.

The company has said funds from the issue would be used to pay down debt and to enable a partial sell-down of stock by its major shareholders.

In aviation, Gentrack's software is used in 150 utility and airport sites around the world. On the energy utilities side, Gentrack's customers include Genesis Energy, Meridian Energy and Vector.

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