Martin Aircraft pre-IPO raising $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
PRE-REGISTER FOR PROSPECTUS:
Martin Aircraft has now opened their pre-registration site so that interested investors can pre-register to receive the company’s prospectus as soon as it becomes available.
To pre-register, CLICK HERE.