An Australian shark deterrent technology company has just launched an IPO

A file photo. Image: Getty Images.

Ocean Guardian Holdings Limited, the company behind Shark Shield, an electrical shark deterrent, has launched an IPO with a vision of removing shark nets from the world’s beaches.

The company wants to raise $5 million by issuing 25 million new shares at 20 cents each to further spread its non-lethal shark deterrent technology.

Lindsay Lyon, CEO of Ocean Guardian, says the company wants to develop a new range of boat and beach products using existing technology and new technology.

“We see significant future growth in the boat market addressing consumers who have higher disposable incomes, and a more service-driven B to B business model in the beach protection markets with the potential to remove shark nets, the use of drum lines and prevent shark culling; a win for humans, sharks and our environment,” he says.

The offer is expected to close on June 7 with a listing date of June 28.

Ocean Guardian, powered by Shark Shield Technology, says it has the world’s only scientifically proven electrical shark deterrent.

Sharks have short-range electrical receptors in their snouts used for finding food. Ocean Guardian’s technology is said to create a powerful three-dimensional electrical field which causes unbearable spasms in a shark’s receptors.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.