UUV Aquabotix Ltd, an Australian company, is conducting an IPO of the Aquabotix business on the Australian Securities Exchange (the ASX) and will operate the underwater robotics company going forward.
The company is headed by CEO and Aquabotix’s founder Durval Tavares, formerly with the United States Naval Undersea Warfare Center and then Fidelity Investments.
Aquabotix is backed by a U.S. institutional investor that also supported the recent Australian IPO of DroneShield Ltd.
The company is aiming to raise A$5.1 million to A$7 million in connection with an IPO to facilitate a listing on the ASX through the issue of up to 35 million shares at an issue price of A$0.20 per share, with offers due to close on April 19, 2017.
Funds raised from the IPO will be used for to establish an in-house sales force, expand the company’s distributor network (and establish a global distributor network), develop distribution in the company’s target geographic and industry markets, develop its pre-sale and post-sale support capabilities, and expand its executive team, with a particular focus on business development.
In addition, the funds will enable the company to further scale Aquabotix’s existing technology, adapt its products to meet customer demands as they arise, develop its product range and expand its manufacturing capability.