Shares in Perth tech player RemSense closed their first day on the stock exchange at more than double their IPO price.
Steve Brown (L) and Chris Sutherland of RemSense. Photo: RemSense
Shares in Perth tech player RemSense closed their first day on the stock exchange at more than double their IPO price.
RemSense landed on the ASX after a $5 million initial public offering which comprised 25 million shares at 20 cents each.
Company shares closed the day to trade at 53 cents, a 165 per cent increase on their IPO value.
Its listing was strengthened by the addition of former Woodside Petroleum alumni Darren Shanahan who has joined RemSense as chief operating officer.
Mr Shanahan held roles including production technology programme manager during his nine year tenure with the company.
Furthering the Woodside connection, RemSense joins the exchange with a previous partnership alongside the energy giant already under its belt under which it developed its Virtual Plant ‘digital twin’ product.
The company’s principal focus is to commercialise said Virtual Plant, which is used to create ‘digital twins’ of real-life assets such as LNG plants and offshore oil platforms.
The twin is a highly detailed virtual re-creation that is built from a series of scanned digital images.
RemSense was established by managing director Stephen Brown in 2012 as Altitude Imaging, with an original focus on drone photography.
It has broadened its service offering to include a range of aerial and terrestrial-based scanning and imaging systems, along with associated engineering services.
The IPO was led by Perth-based Mac Equity Partners.
