High tech materials company Calix surges on ASX debut

Brian Bahr/ALLSPORT
  • Technology company Calix debuts on the ASX at a 25% plus premium.
  • The company makes high tech materials at a plant in Victoria.
  • Among the projects is one to improve lithium-ion battery performance.

Shares in Calix, an Australian high tech materials company working on improving the performance of lithium-ion batteries, surged by more than a quarter when they opened on the ASX today.

The shares were running at 68 cents each, up from the IPO price of 52 cents which raised $8 million.

Leading institutional investors Washington H. Soul Pattinson, Acorn Capital, Perennial Value Management and Thorney Investment Group were key investors in the IPO.

Calix has invested more than $50 million to develop and commercialise its technology, a world-first, patented kiln built in Bacchus Marsh, Victoria, that produces a mineral honeycomb.

The technology produces new materials targeted at solving global challenges such as CO2 capture, waste water treatment and phosphate removal, protecting sewers from corrosion, and improving food production from aquaculture and agriculture with reduced antibiotic, fungicide and pesticide use.

Calix is cash-flow positive and has achieved a compound annual revenue growth for its core products of 41.8% between 2015 and 2017.

The company also has a development pipeline for additional applications of its technology platform, including creating better materials to build batteries.

Funds raised through the IPO will be used to progress the development pipeline, with a focus on the batteries.

Shaw and Partners and Foster Stockbroking were Joint Lead Managers to the IPO, with Pitt Capital Partners acting as financial adviser.

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