Nanovue shares belly flopped on debut and are now half of their IPO price
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Nanoveu officially joined the ASX on Friday and its shares haven’t stopped falling since.
The company (ASX:NVU) has been working for more than five years on high-tech mobile phone screen protectors that allow users to view 3D images, videos and games.
Investors dumped it on Monday morning, sending the stock down 25 per cent on Monday morning to 10c.
It raised IPO money at 20c.
Bletchley Park Capital managing director George Gabriel, who is handling investor inquiries for the company, said the share price fall was likely the stock being “marked to market”.
The IPO was priced a few months ago and since then the market has fallen,” he told Stockhead.
“The positive is that the IPO got away when so many others failed to do so.”
He says that means Nanoveu won’t be delayed commercially, as it can now spend on commercialisation.
Perth-based tech company Nanoveu raised $6m for its ‘EyeFly3D’ screen protectors.
The cash is destined for product development and sales and marketing.
The company tried to stem the tide of exiting investors by saying it had started selling the screen protectors in the UK and US, and had products ready for iPhone 6+, 7+, 8+ screens in glass which they’re shipping over December 2018.
“We have already commenced our retail and online strategies to drive sales volume and revenue growth through the high growth addressable market of smartphone and tablet users globally,” said chairman and CEO Alfred Chong.
Nanoveu did not give any financial figures for expected sales, saying it will report these in its first quarterly.