SHARK MITIGATION SYSTEMS MAKES A SPLASH ON DEBUT

SHARK MITIGATION SYSTEMS MAKES A SPLASH ON DEBUT

INVESTORS scrambled to snap up a piece of marine technology company Shark Mitigation Systems (ASX:SM8) after it made its debut on the Australian Securities Exchange.

The company, which develops non-invasive shark deterrent technology, achieved a closing share price of 23c on its first day of trading, up 15 per cent on the issue price, with 1.9 million shares changing hands.

Shark Mitigation Systems (SMS) says it listed to gain exposure to capital markets.

The company raised $3.5 million via an IPO and will use the funds to commercialise its technology which disrupts sharks' visual perception as well as a near-shore shark detection system that is deployed at local beaches, providing beach safety information.

"We have had a fantastic response from the market, registering strong volumes and a rise in share price," says SMS co-founder Craig Anderson.

"The strong support from investors will help fast-track the commercialisation of our products and exploit the many opportunities in the marine technology sector.

"To our knowledge we are the first shark attack mitigation company to list on any public exchange globally and we are now able to take advantage of this position to create a pipeline of ethical, anti-shark solutions."

In collaboration with the University of Western Australia's Oceans Institute and School of Animal Biology, SMS developed technology enabling the manufacture of marine apparel which can reduce the risk of shark attack, based on the science of shark vision, neurology and behavioural effects.

SMS says breakthrough science in determining what predatory sharks can see at certain depths and distances, and under certain light and water conditions, has been incorporated into neoprene materials and commercial prototype wetsuit designs.

"The key to SAMS (shark attack mitigation systems) technology lies in development of materials having a specific contrast, colour, size and shape according to the position of the wearer in the water column and the distance that a shark is likely to perceive the wearer," says SMS.

The technology also has the potential to extend to marine applications, including skins and stickers for diving air tanks, diving fins, surfboards, kayaks, skis, watercraft, undersea cabling and marine equipment.

SMS is based in Perth and was founded by Hamish Jolly and Anderson and incorporated in 2012.

In addition to the University of Western Australia, the company has developed partnerships with a number of major corporations such as Optus, Google and Arena.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

How communications technology can raise the bar on customer service, employee experience
Partner Content
From capturing feedback early to providing messages with a higher rate of cut-through, ...
Advertisement

Related Stories

Apollo to divest large share of motorhome fleet to get Tourism Holdings merger over the line

Apollo to divest large share of motorhome fleet to get Tourism Holdings merger over the line

In an effort to appease Australian and New Zealand regulator concer...

Atturra looks to become an IT powerhouse after acquiring MOQ for $15.5 million

Atturra looks to become an IT powerhouse after acquiring MOQ for $15.5 million

Atturra (ASX: ATA) is looking to become one of the nation&rsqu...

Adelaide craft beer brand Little Bang Brewery picked up by local investment manager Duxton

Adelaide craft beer brand Little Bang Brewery picked up by local investment manager Duxton

The pubs and hotels arm of boutique investment manager Duxton has a...

Carsales.com announces $1.2 billion raise to fully acquire Trader Interactive

Carsales.com announces $1.2 billion raise to fully acquire Trader Interactive

Vehicle classifieds company Carsales.com (ASX: CAR) has announ...