Marine safety equipment company Mobilarm has been admitted to the Australian Securities Exchange after successfully completing a $2.3 million initial public offering.
Marine safety equipment company Mobilarm has been admitted to the Australian Securities Exchange after successfully completing a $2.3 million initial public offering.
The company listed on the ASX today and its shares closed at 15 cents.
On listing Mobilarm will have on issue 152.7 million shares, and a pro forma market capitalisation of over $30 million, based on the offer price.
Mobilarm has also secured a $5 million Equity Drawdown Facility with Equity Partners Fund SPC to provide the company with additional development finance.
In a statement, Mobilarm said the funds raised through the IPO and equity drawdown will allow the management team to continue to pursue the company's growth plans.
Mobilarm chief executive officer Lindsay Lyon said he was delighted with the response from investors.
"Investor and customer demand has been strong and we eagerly await our listing on the ASX and our commencement of trading as a publicly listed company," he said.
See company statement below:
Following a successful Initial Public Offer (IPO), leading marine safety equipment Company Mobilarm Limited ("Mobilarm") today announced that it has been admitted to the Official List of the Australian Securities Exchange (ASX).
Official Quotation of the Company's securities will commence at 10am Western Standard Time on Tuesday 21 September 2010.
On listing, Mobilarm will have on issue 152.7 million shares, and a pro forma market capitalisation of over $30 million, based on the offer price. The Company's ASX code is MBO.
In addition to the $2.3m funds raised from the IPO, Mobilarm has secured a $5 million Equity Drawdown Facility with Equity Partners Fund SPC to provide the company with additional development finance.
The funds raised through the IPO and equity drawdown will allow the management team to continue to pursue the company's growth plans, and importantly, meet the delivery requirements on Mobilarm's major contracts, which includes the US Navy Submarine Escape and Abandonment version of the Company's Mobilarm V100.
Mobilarm Chief Executive Officer, Lindsay Lyon, said he was delighted with the response from investors who appreciated the significant potential of Mobilarm's technology and its international commercial applications and opportunity.
"Investor and customer demand has been strong and we eagerly await our listing on the ASX and our commencement of trading as a publicly listed company," he said.
Mr Lyon said Mobilarm's ASX listing and financial backing positions Mobilarm for continued growth both organically and through strategic acquisitions, which will deliver long term value for shareholders.
