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Aerometrex flying high before ASX listing

Business

The aerial mapping company’s based in Adelaide will go public in December after hot demand during its IPO this week.

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Aerometrex is expected to have a market capitalisation of approximately AUD$95 million when listed on the Australian Securities Exchange in early December.

But demand for its 25 million IPO shares valued at $1.00 each has seen the initial offer close many times oversubscribed.

Aerometrex Managing Director Mark Deuter said the explosive market interest stems from the company’s exemplary track-record.

“This very high pre-listing market interest in our IPO reflects a strong reputation, focused research and development and a proven record of building revenue, net profit, market share, customer base and operating footprint,” he said.

“Aerometrex has always been at the forefront of spatial technological advances, and we have sought to take this competitive advantage to new markets outside of Australia, particularly for our 3D product which we believe is the next generation in mapping’s evolution.”

Aerometrex is a 30-year-old company based in Adelaide, South Australia which has achieved annual revenue growth from $9.7 million to $16.1 million over the past two years with strong industry and government support for its aerial photography, photogrammetry, LiDAR, as well as high resolution, high-accuracy 3D modelling.

It creates 3D models of major Australian cities and sells them to city councils, state governments, planners, architects, marketing companies and developers.

It also offers MetroMap: an online aerial imagery subscription service with highly accurate geospatial data viewed through a web browser interface.

The company has also executed international projects in the United States, Africa, the Middle East, Southeast Asia, Papua New Guinea and New Zealand.

“The United States and Europe offer strong opportunity for our 3D modelling service and we plan to establish a permanent United States presence,” said Deuter.

“The heart of our business is geospatial technology and this underpins many of our key institutions such as security of land tenure, local government asset and disaster management or provides the information needed to plan and cost major engineering and infrastructure products.”

All IPO proceeds will be used to grow the business, specifically the subscription service which has emerged as a core focus of the business’s revenue stream.

Aerometrex said it will also increase its LiDAR services as governments, industry and community sectors increasingly recognise its application across environmental and man-made industries.

The company went to market underwritten through Lead Manager and Underwriter Morgans Corporate Limited with ordinary shares available through brokers.

Adelaide-based financial firm Taylor Collison acted as co-manager while Adelaide Equity Partners Limited acted as corporate advisor.

Deuter will emerge with a 12.1 per cent stake in the Company’s enlarged capital base. Senior management and the Board of Directors will own approximately 54 per cent of the newly listed entity.

This is a Creative Commons story from The Lead South Australia, a news service providing stories about innovation in South Australia. Please feel free to use the story in any form of media. The story sources are linked in with the copy and all contacts are willing to talk further about the story.

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