The Lead SA

News leads from South Australia

Get The Lead in your inbox. Subscribe

Aerometrex flies high on ASX debut

Technology

Adelaide aerial mapping company Aerometrex has enjoyed an incredibly strong Australian Securities Exchange debut, almost doubling its share value on the first day of trading.

Print article Republish Notify me

Sign up to receive notifications about new stories in this category.

Thank you for subscribing to story notifications.

Aerometrex was expected to have a market capitalisation of approximately AUD$95 million when it listed on the Australian Securities Exchange on Tuesday, December 10.

But demand for its 25 million IPO shares valued at $1.00 each led to the initial offer closing many times oversubscribed.

On its opening day of trade on the ASX the shares hit $2.07 – more than double the IPO price – before closing at $1.835 to push the company’s value above $150 million.

Ahead of the listing, Aerometrex Managing Director Mark Deuter said the explosive market interest stemmed from the company’s exemplary track-record.

“The 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 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.”

The $25 million 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 plans to also increase its LiDAR services as governments, industry and community sectors increasingly recognise its application across environmental and man-made industries.

Deuter used the listing to thank shareholders for their support.

“The ASX listing of Aerometrex is an important milestone for the company as the business now has the balance sheet to pursue the numerous growth initiatives in its development plan,” he told the ASX.

 

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.

Copied to Clipboard

More Technology stories

Loading next article