Martin Aircraft completed pre-IPO raising
Martin Aircraft completed pre-IPO raising. Total $6.5m NZD raised which is $1.5m oversubscribed
New Zealand based Martin Aircraft Company Limited (“MACL”), who are developing the world’s first practical and commercial flying jetpack, have closed their pre-IPO fundraising round one week ahead of schedule and with $1.5m NZD of oversubscriptions.
Axstra Capital, a Sydney based Corporate Advisory Firm, managed the pre-IPO capital raising and Managing Director Reuben Buchanan is very pleased with the result.
“We are very happy to be able to close the pre-IPO ahead of schedule,” he said. “This result gives us a strong indication of the positive investor interest for the Martin Jetpack story here in Australia. We can now focus our attention on the next step which, as previously foreshadowed, includes a possible IPO and listing of the company.”
The pre-IPO funds raised are being used to drive the Jetpack towards commercialisation as well as to pay for ongoing costs. The company is seeing increasing interest and enquiries from around the world in its product due to its unique advanced technological capability when compared to its competitors.Due to the success of the raising the Company will hold a general meeting of shareholders shortly to approve the issue of capital exceeding the original estimated raising.
Norton Rose Fulbright, Bell Gully and PwC have been engaged to advise Martin Aircraft on next steps as the company looks to raise further funds to commercialise and manufacture the Jetpack to meet with current global demand.
KEY PRE-IPO HIGHLIGHTS:
Total of $6.5m NZD raised from a mix of sophisticated and high net worth investors
• Over $1m NZD invested from Asia based venture fund
• Pre-IPO share price was $0.30 NZD (circa $0.27 AUD)
• Investors were predominantly Australian, with several out of the USA, NZ and Asia
• Martin Aircraft now has over 125 shareholders
ABOUT MARTIN AIRCRAFT: www.martinjetpack.com
Martin Aircraft was founded by Glenn Martin in 2008 and is based in Christchurch NZ. The present prototype aircraft will be the basis for the first commercial release of a Jetpack in 2015, suitable for a Government and Agency market under the banner of “first responder” to service markets such as the fire service, search & rescue, disaster recovery and border security. The Jetpack has fly-by-wire and VTOL (vertical take-off & landing) capabilities, is highly manoeuvrable and can lift 105 kgs making it suitable for many commercial uses.
ABOUT AXSTRA CAPITAL: www.axstra.com.au
Axstra Capital is a Sydney-based Corporate Finance firm that specialises in capital raisings and corporate transactions for private and small cap ASX listed companies. Axstra Capital holds an AFSL No 390786. Founder Reuben Buchanan has 20 years’ experience in the investment and finance industries. He founded several successful businesses including Wealth Creator Magazine, MBE Education and Wholesale Investor (co-founder). Since 2005, he has raised in excess of $55m for public and private ventures in Australia.