Australian solar-powered security startup Spectur just raised $4.5 million in an IPO

Screenshot of Spectur’s software interface. (Source: YouTube/Peter Holton)

Shares in solar-powered internet of things startup Spectur began trading on the ASX today, after a $4.5 million IPO.

The Perth company, which produces high-definition security camera networks that are internet-connected using 3G or 4G mobile, listed at 20 cents, giving it a market capitalisation of $8.2 million.

Spectur managing director Peter Holton said that an IPO was deliberately chosen over venture capital.

“Listing on the ASX provided the company with access to equity funding at a lower cost than venture capital and we preferred to build our own management team, rather than having one imposed on us,” he said.

The new cash will be used to expand to Melbourne and Sydney in the short term, then potentially into international markets.

“In addition, Spectur Limited has implemented an employee incentive plan that enables all employees to gain equity based exposure to the company‚Äôs share price performance,” said Holton.

While the full figures for FY17 have not been published, Spectur said in its prospectus that it generated $1.325 million in revenue while making an unspecified net loss. The previous year had $935,320 in revenue with a $66,971 of net loss.

Spectur’s Peter Holton. (Source: supplied)

Western Australian customers include Lend Lease, Rio Tinto and Iluka Mining, who use the technology for crime prevention, staff productivity monitoring and occupational health & safety.

Holton said that meeting the requirements for an ASX listing was onerous but worth the effort.

“While not an easy process, we’ve taken as many positives out of the process as possible,” he said.

“It’s very complicated and very time consuming. Everything from due diligence committees, financial and IP audits to a wide range of compliance issues. We’ve been helped through this by experienced advisors, lawyers and independent experts, which has made the process less difficult.”

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