ikeGPS Group (ASX:IKE, NZE:IKE) raised AU$18 million via the placement of shares at AU$0.81 per share to sophisticated, professional, and institutional investors, according to a Monday filing with the Australian bourse.

The company said it will also open a non-underwritten share purchase plan to raise AU$2 million, offering eligible shareholders an opportunity to acquire up to AU$30,000 in new shares at the same offer price, the filing said.

Proceeds will fund new software development, boost sales and marketing, and support general working capital and strategic acquisitions.

The new shares are expected to settle on July 21.

The company's Australia and New Zealand shares each rose nearly 9% in recent Monday trade, earlier hitting their highest since November 2021.