Cockburn-based security surveillance technology company Spectur is seeking to raise up to $4.5 million by way of an initial public offering, and list on the ASX.
Cockburn-based security surveillance technology company Spectur is seeking to raise up to $4.5 million by way of an initial public offering, and list on the ASX.
Spectur provides high-definition, solar-powered security camera networks that operate on 3G/4G telecommunications networks.
The company, which includes Cycliq founder Andrew Hagen as a director, has targeted its market for areas where electrical power or cabled internet connection may not be readily available, such as commercial and industrial sites or rural areas.
Spectur’s products and systems are operated on an internet-of-things basis, meaning that the security surveillance products are accessed, controlled and managed through the company’s proprietary software systems.
The company was previously operating solely in Western Australia, but is in the process of setting up shop in Victoria and plans to also establish a presence in NSW.
“Spectur has the ability to control its systems’ architecture, meaning that customisation and adaptation to suit different markets is achievable,” chairman Richard Wilkins said in the company’s prospectus.
“The evolution of 4G technology has significantly impacted the growth of the market. Spectur has taken advantage of improved internet broadband data coverage as internet service providers such as Telstra extend their coverage to remote areas.
“As improved broadband technology such as 5G rolls out, Spectur anticipates that it will be able to offer even faster response times for alarm notifications.”
Spectur plans to raise $4.25 million through the issue of 21.25 million shares at 20 cents each, with $250,000 in oversubscriptions to be accepted.
“Spectur intends to position itself to potentially become a global supplier of reliable solar-powered camera networks and, with access to additional resources and capital, has a clear focus of becoming the default supplier of this type of product and service,” Mr Wilkins said.
Spectur’s offer closes on July 21, with the company planning to begin trading on the ASX by the end of the month.
Alto Capital is acting as lead manager to Spectur’s IPO, with Jackson McDonald acting as solicitor.
HLB Mann Judd is acting as investigating accountant and auditor, while Patenteur is acting as intellection property adviser.
