Shark Mitigation Systems shares rip higher on ASX debut

The shark suits. Image: Supplied.

Shark Mitigation Systems shares jumped by 12.5% on ASX debut.

The 20 cent shares hit 26 cents today before easing and closing at 23 cents.

The company has developed camouflage patterns to hide swimmers from sharks and will use the $3.5 million raised in the float for further product development.

Two people have died in shark attacks in Australia this year.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at