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An Australian-based drone company has listed on the ASX today following an initial public offering (IPO) of $8 million.
Boresight commenced trading on Wednesday, with the aerial target drone company listing a twenty cent price and a pre-raise market cap of just under $34 million. The Canberra-based company focuses on designing and manufacturing drones that can be purposefully shot down for counter-UAS training purposes.
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Thus far, over six thousand drones have been sold to fifteen militaries across twelve countries, alongside private companies.
“Boresight is proof that Australia can build a world-class offering,” said CEO and Managing Director, Justin Olde.
“Our aerial target drones and the proprietary control system supporting them enable safe, repeatable and cost-effective training for this new age of drone warfare and that matters enormously.
“Safe, repeatable, affordable training is a critical requirement for militaries and counter-drone customers.”
Since the company’s beginnings, they have opened offices in Alabama, US and Nottingham, UK.
With their products used across “defence, intelligence, and law enforcement domains”, Boresight has a secondary manufacturing hub in the United States.
Boresight uses platforms such as a quadrotor and fixed-wing targets to imitate realistic drone threats without risking the loss of valuable equipment.
“The scale of opportunity for Boresight is big. If you think about the number of soldiers around the world who need to be trained in this area, it’s a big number,” said Olde.
Additional funding from the ASX offer is expected to expand production and US manufacturing capabilities.
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