Droneshield up on ASX debut

Counter-drone system manufacturer Droneshield has hit the ground running, with shares surging on its first day trading on the ASX.

The US-founded tech company raised $7 million in its initial public offering, which was priced at 20 cents a share.

The IPO was brokered by Patersons Securities.

At 11:30am, the company’s shares were worth 31 cents each, up 55 per cent on its opening price.

Droneshiled is chaired by Peter James, who is also chair of Macquarie Telecom and aerial imagery company Nearmap.

Its board also includes former Australian defence minister Robert Hill and 1-Page founder Joanna Riley.

The company has developed acoustic detection sensor systems that alerts the user to approaching drones.

The technology will compete with the likes of Gavin Rezos’s Department 13 International, which uses cyber security and network applications to take control of multiple commercial drones, capture video transmissions from the drones, and even land them.

DroneShield is targeting utility providers, defence and security agencies, airports, prisons and public event organisers as its primary market.