• Successful completion of A$18 million fully underwritten placement
• Placement well supported by existing and new institutional investors
• Proceeds to fund new product development, accelerate sales and marketing, and provide balance sheet flexibility

IKE Group Ltd (IKE) has announced the successful completion of its approximately A$18.0 million (approximately NZ$19.6 million) fully underwritten placement of new ordinary shares to sophisticated, professional and institutional investors. The placement was well supported with strong over-demand from existing investors as well as multiple new long-only ASX institutional investors. IKE will offer eligible existing shareholders the opportunity to participate in a non-underwritten share purchase plan to raise up to A$2.0 million (approximately NZ$2.2 million). Proceeds from the equity raising will be used to fund new product development to maintain and extend IKE's market leadership, accelerate sales and marketing efforts, and provide balance sheet flexibility to execute on potential strategic bolt-on acquisition opportunities and general working capital. IKE will develop two important new next-generation subscription product modules in collaboration with its extended customer-council, which are intended to extend IKE's value in how utilities and communications companies capture, digitize, and manage their distribution networks.