Shares in Martin Aircraft Company (MJP), developer of the world-leading Martin Jetpack, are hovering at a healthy premium following their share market debut today.
The stock, which was floated at 40c a share, giving the company a market value of $98 million, was trading at 44c after soaring to a high of 65c.
Martin enjoyed strong demand for the IPO, raising the maximum amount of $27 million. This included a cornerstone investment from Hong Kong-listed KuangChi Science, which injected $21 million of the $27 million raised through the float.
KuangChi has agreed to invest up to another $29 million within 30 months and will form a joint venture with Martin for the sales and distribution of Martin Aircraft in China and Hong Kong.
Martin says first deliveries of its Jetpack will take place next year and will initially target community response groups such as the police, fire services, defence and natural disaster organisations. It is also developing an unmanned version which can carry up to 120kg.
It says the aircraft has distinct advantages over its competitors because it can land on rooftops covered with aerials and wires, fly into tightly confined areas and provide an economical alternative to helicopters.
"Commercial jetpacks are no longer the domain of science fiction," Martin managing director Peter Coker said.
The stock, which was floated at 40c a share, giving the company a market value of $98 million, was trading at 44c after soaring to a high of 65c.
Martin enjoyed strong demand for the IPO, raising the maximum amount of $27 million. This included a cornerstone investment from Hong Kong-listed KuangChi Science, which injected $21 million of the $27 million raised through the float.
KuangChi has agreed to invest up to another $29 million within 30 months and will form a joint venture with Martin for the sales and distribution of Martin Aircraft in China and Hong Kong.
Martin says first deliveries of its Jetpack will take place next year and will initially target community response groups such as the police, fire services, defence and natural disaster organisations. It is also developing an unmanned version which can carry up to 120kg.
It says the aircraft has distinct advantages over its competitors because it can land on rooftops covered with aerials and wires, fly into tightly confined areas and provide an economical alternative to helicopters.
"Commercial jetpacks are no longer the domain of science fiction," Martin managing director Peter Coker said.