A HUGE demand for shares in the $25 million initial public offering (IPO) by Australian aerial mapper, Aerometrex, has seen the offer close many times oversubscribed.
The Adelaide-based company is expected to list on the ASX on Tuesday December 10 with a market capitalisation of approximately $95 million.
A major player in Australia’s aerial mapping sector, Aerometrex has for 30 years been one of the leading professional aerial mapping and spatial technology businesses in Australia.
Aerometrex managing director, Mark Deuter, said IPO proceeds will be used to fund growth of the business both domestically and overseas with Board and management re-affirming their commitment to the company, electing not to sell down any shares and entering escrow arrangements for more than 50 million shares.
With limited capital resources, the company has self-funded its 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, laser-based light detecting and ranging (LiDAR), as well as high resolution, high-accuracy 3D modelling.
Aerometrex products include the MetroMapTM online aerial imagery subscription service that offers high-quality, accurate imagery to geospatial data users and corporate markets via a web browser interface.
The company is also a renowned innovator, having secured international opportunities through its 3D mapping service in France, Germany, New York, Philadelphia and New Zealand. These contracts originated mostly through in-bound enquiry as customers recognised the quality of Aerometrex’s market-leading products.
“The very high pre-listing market interest in our IPO reflects a strong reputation, focused R&D and a proven record of building revenue, net profit, market share, customer base and operating footprint,” Mr Deuter said.
Mr Deuter will emerge with a 12.1% stake in the company’s enlarged capital base. Senior management and the Board of Directors will own approximately 54% of the newly listed entity.
Aerometrex went to market fully underwritten through Lead Manager and Underwriter, Morgans Corporate Limited for its $1.00 per share offering of 25 million new ordinary shares available only through brokers.
Adelaide-based Taylor Collison Limited acted as Co-Manager. Adelaide Equity Partners Limited acted as Corporate Advisor to the company.