A local company using high-tech camouflage to protect swimmers from shark attacks has made a strong debut on the ASX.
A Perth company using high-tech camouflage to protect swimmers from shark attacks strongly debuted on the ASX.
Shark Mitigation Systems shares went as high as 26 cents after the company's mid-morning listing today and at midday were at 23.5 cents, up 17.5 per cent on their 20-cent issue price.
The Perth-based business has developed patented camouflage patterns that can be printed onto wetsuits and surfboards to hide swimmers or otherwise dissuade attacks from sharks.
SMS is also developing a 'clever buoy', which sends a signal to lifeguards when a shark is near.
Bob Lushey, director of Pannard Management - the third largest stakeholder in SMS - is also a director of Radiator Wetsuits, the first wetsuit company to use the SMS technology.
It will use additional capital from the $3.5 million raised in the listing to fund research into new products.
The $3.5 million raising was lowered from its previous target of $4 million through a supplementary prospectus in March.