Rakon Limited is a world leader in the development of high performance frequency control technology based on quartz crystals, which lie at the heart of electronic products such as Global Positioning Satellite (GPS), Wireless, Networks, Cellular, CDMA, GSM, Telecom, Radio, and Microwave.
“It's exciting to see well-established and innovative companies such as Rakon raising capital locally,” said NZX head of Products, Geoff Brown. “We're pleased to see internationally successful Kiwi companies choosing an NZX listing as their way forward.”
Rakon has enjoyed a high profile lead up to their initial public offering (IPO) and has helped elevate the profile of the New Zealand technology sector overall.
“The high valuation that has been given to Rakon of 23 times prospective earnings, and the large amount of public interest in this IPO, show that New Zealand investors understand the type of business and the sector Rakon operates in – and they want to invest,” Brown said. “ New Zealand is a world leader in many types of technologies and we must provide companies like Rakon an investment environment that fosters their growth.”
Shares in Rakon's will be quoted on the NZSX Market under the security code RAK from 11am today.
The NZX SciTech Index is also being launched today, the Index performance can be found at www.nzx.com/market/index_summaries/NZTS and a list of the constituent companies and their prices can be found at www.nzx.com/market/price_by_index/NZTS.
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