Wobbly take-off as satellite maker Kleos debuts at 20pc discount
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The ASX got its second space stock on Friday with the listing of spy satellite operator Kleos Space at 11am AEST — just ahead of gold explorer Kingwest Resources which debuted at noon.
Neither stock got off to a good start.
Luxembourg-based Kleos (ASX:KSS) debuted at 16c — a 20 per cent discount to its 20c issue price.
The stock momentarily rose to 17c but closed its first day back at 16c with $877,000 worth of shares changing hands.
Kelos raised $11 million to build a miniature spy satellite network.
It joins Sky and Space Global (ASX:SAS) which is building a communications satellite network for developing countries as well as China.
Kleos plans to hunt “ships of undesirable users such as drugs and people smugglers, terrorists, pirates, illegal fishermen and those in need of search and rescue” by listening in to mobile phone, satphone, and maritime radio signals from space.
It plans to make money by selling the data to government and intelligence agencies and businesses interested in locating threats, assets, or emergency beacons.
The listing was originally planned for July 9.
Meanwhile Kingwest (ASX:KWR) kicked off its first session at 12pm AEST slightly below its 20c issue price before slipping to close its first trading session at 18.c.
About $285,000 worth of shares were bought and sold.