Aerial imaging firm Aerometrex (ASX:AMX) has had a strong start to listed life on the ASX, notching a 107 per cent gain in its first two minutes on the bourse.

The company doubled its IPO price of $1 on open before edging higher still to a peak of $2.07 before closing at $1.84.

Of the 70 ASX IPOs in 2019 this makes Aerometrex the sixth best performer. It trails only Osteopore (ASX:OSX), Invex Therapeutics (ASX:IVX), QuickFee (ASX:QFE), Amaero (ASX:3DA) and Splitit (ASX:SPT).

 

Aerometrex raised $25m in an offering that was significantly oversubscribed. That gave the company a $95m market cap to start, but it reached a market cap of as much as $195.4m at its peak today.

Aerometrex’s services have been used by various clients in the public and private sectors from tech firms such as Microsoft and Google to environmental planners.

Pic: Aerometrex

Managing director Mark Deuter told Stockhead he was happy with today’s performance. “That’s a good result for us, we’re delighted with the debut price,” he said.

Last week he told Stockhead the reason the company was listing now was because it did not want to slow the growth trajectory.

“We didn’t want to put the brakes on,” he said.

“Since [2011] the company has been on a growth trajectory and we could’ve elected to stay in private hands but we got to the point where we’re growing at 25-30 per cent compound annual growth rate.

“We just needed extra capital. We looked ahead at servicing our capital requirement – from our own earnings.

“The attraction of having your shareholder liquid is ideal. But primary reason is continuing to fund growth.”

Read More: 

IPO Watch: Aerial mapping, imaging firm Aerometrex plotting itself on the ASX next week 

This story has been updated since its initial publishing to take account of today’s closing price.

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