New Zealand jetpack maker Martin Aircraft made its ASX debut this morning, and shares immediately added more than 50% to their issue price.
But they soon came crashing back down to settle at around their issue price. As a result, the stock chart looks, well, like the path of a jetpack ride.
Shares opened at 11am at 40 cents, soared to 65 cents, but are now back at 41 cents.
The company claims it will have a commercial jetpack on the market in the second quarter of 2016 and already has a commitment from the US Department of Homeland Security.
Kiwi Glen Martin has been developing his jetpack for more than 30 years.
The latest model can fly 800 feet high at speeds of up to 74km/h for around 30 minutes. After showcasing it to Hong Kong investment fund KuangChi Science, Martin won a $50 million windfall earlier this year which allowed him to take the jetpack to the ASX.
First sales of the jetpack will come with a retail price tag estimated to be around $US200,000.
Here’s what you get for your money:
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