New Zealand-based Martin Aircraft plans list on the Australian Securities Exchange by the end of the year for $80 million-plus after a $6.5 million pre-IPO raising saw it close a week ahead of schedule, with $1.5m of oversubscriptions.
The company, which has developed a jetpack able to lift 105 kilograms, fly at 3000 feet and can reach 74kmh, said the money raised would be used to drive the Jetpack towards commercialisation, expected to be next year.
The Australian reports the vendors plan to raise a further $20 million from the IPO, with the offer price likely to be upped from the 27c a share pitched in the initial raising.
Axstra Capital which managed the pre-IPO capital raising said the result is a strong indication the Martin Jetpack could be released onto the Australian market first.
The company now has more than 125 shareholders.
Here’s the jetpack in action.
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