Australian solar-powered security startup Spectur just raised $4.5 million in an IPO

Shares in solar-powered internet of things startup Spectur began trading on the ASX today, after a $4.5 million IPO.

The Perth company, which produces high-definition security camera networks that are internet-connected using 3G or 4G mobile, listed at 20 cents, giving it a market capitalisation of $8.2 million.

Spectur managing director Peter Holton said that an IPO was deliberately chosen over venture capital.

“Listing on the ASX provided the company with access to equity funding at a lower cost than venture capital and we preferred to build our own management team, rather than having one imposed on us,” he said.

The new cash will be used to expand to Melbourne and Sydney in the short term, then potentially into international markets.

“In addition, Spectur Limited has implemented an employee incentive plan that enables all employees to gain equity based exposure to the company’s share price performance,” said Holton.

While the full figures for FY17 have not been published, Spectur said in its prospectus that it generated $1.325 million in revenue while making an unspecified net loss. The previous year had $935,320 in revenue with a $66,971 of net loss. Read more

Tony Yoo - Business Insider - 1 Aug 2017