Drone company Boresight lodges $8m IPO prospectus with ASX
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The news: Low cost drone manufacturer Boresight has lodged its prospectus for an $8 million IPO on the ASX to boost its manufacturing capability in Canberra and in the US.
The numbers: The IPO includes an offer of 40,000,000 new shares at an offer price of 20 cents per share. This would imply a market capitalisation of about $41.8 million.
The context: Boresight’s IPO manager is Perth-based CPS Capital. The company currently develops cheap quad copter drones intended to be used as training targets for the military. It has also developed its own swarming capability for the control and coordination of many drones at once.
What they said: “Our plan with the funds is to invest in some new manufacturing capability and some more people,” Boresight managing director Justin Olde said.
“We’re going to expand the facility we have here in Fyshwick, lease a new larger facility in Huntsville, Alabama, and increase our production capacity there.”
The source: Boresight media release
