Geospatial mapping company Takor Group has opened its initial public offering (IPO), hoping to raise up to AU$8 million before finally securing its spot on the Australian Securities Exchange (ASX) in May.
The company is offering up to 40 million new shares at an issue price of AU$0.20 each to raise the funds.
In 2015, Takor Group set out to pursue a reverse takeover (RTO) with ASX-listed Bone Medical, but pulled out of the deal due to a mutual disagreement over valuation.
Although the RTO route is the one usually followed by Perth-based companies, Takor Group told ZDNet it experienced substantial growth in the six months after RTO talks began with Bone Medical, and the company feels it is now in a position to conduct an IPO of its own.
Takor Group was founded in 2009 by Amir Farhand and initially focused on using satellite imagery for iron ore exploration. In 2011, the company kicked off research and development into field mobile mapping technologies and thermal imaging systems. This was shortly followed by the release of its GIS mobile mapping app Mappt in 2013 -- which has been downloaded 16,000 times to date -- and then its geospatial photo-sharing and messaging service mapping app Kojai in 2014.
With the aim of "democratising" geospatial technology, the company's registered users include BHP Billiton, Samsung C&T, American Geosciences, the World Wildlife Foundations, and the US military, as well as various government and environmental organisations.
Takor Group will join a list of geospatial technology stocks on the ASX when it lists, including Spookfish, who found itself listed on the ASX via an RTO of White Star Resources in early 2015 and ASX veterans Nearmap.
Underwater drone manufacturer Aquabotix Technology Corporation opened its own IPO last week, hoping to raise between AU$5.1 million and AU$7 million before listing on the ASX in April.