Considering pretty much everyone has likely checked out for the Christmas chill-out, iCetana (ASX:ICE) still had a good day on its first trading performance.

The new tech entrant lit up the ASX boards at 1pm AEDT and was immediately trading at a 10 per cent premium to its IPO price of 20c.

Although iCetana’s share price briefly slipped to a low of 17c on its first day on the bourse, it recovered most of its losses to close just below its IPO price at 19c.

Overall 1.5 million shares changed hands in nearly 80 trades — a pretty good volume for the week of Christmas.

The platform applies patented AI software on video surveillance systems, which highlight abnormal patterns and increase the success rate of real-time response solutions.

CEO Matthew Macfarlane told Stockhead last month that standard surveillance systems required operators to manually monitor around 60 per cent of what’s captured. But using iCetana’s AI software, that number falls drastically.

“It’s nice to have an extra level of clarity, where 99 per cent of activity is considered normal and you can focus on the 1 per cent of abnormal patterns in real time.”

iCetana now has its software platform installed on around 10,000 cameras across 35 sites globally.

It was initially founded as a spin-out from computer science research operations at WA’s Curtin University — a domestic example of tertiary research being converted into a commercial application.

Having been successfully commercialised from university research, the tertiary sector now represents one of iCetana’s more significant customer verticals.

Clients across other sectors include Crown Casino and the Emirates-based Majid al Futtaim shopping centre group.

READ: iCetana heads to the ASX to fund global rollout of its AI-based video surveillance platform

iCetana said it received strong support for its IPO, which raised $5m, from institutional, high net worth and sophisticated investors.

Following its listing today, more than 70 per cent of the company’s shares will be escrowed thanks to agreements done under the ASX listing rules as well as a bunch of voluntary deals struck prior to its debut.

Escrow refers to shares that are held by early investors or directors restrained from selling for a year or two.

Today, iCetana revealed that it had landed five new orders in the last quarter and it was also invited to participate in an innovation program that supports growth-stage companies looking to expand into the lucrative Japanese market.

This invitation landed it in negotiations with two clients to participate in paid trials of iCetana’s software.