Christopher Adams

The Business Herald’s markets and banking reporter.

Kiwi jetpack company confirms IPO plan

The NZ jetpack was developed by Christchurch inventor Glenn Martin. Photo / Martin Aircraft Company Limited
The NZ jetpack was developed by Christchurch inventor Glenn Martin. Photo / Martin Aircraft Company Limited

The maker of the Martin Jetpack is planning to list, most likely on the New Zealand and Australian stock exchanges.

A spokeswoman for the technology firm told the Herald the company was looking to raise $5 million in pre-IPO capital and a further $25 million through the listing.

It is likely the company will lodge a prospectus with regulators within the next few weeks.

Martin Aircraft has been raising pre-IPO capital this year and is preparing to get the world's first commercial jetpack into pre-production.

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Last year the company said it was expecting to commercially release its First Responder Jetpack - developed for police, search and rescue and other government uses - during the latter part of 2013, while a slightly modified version, the Personal Martin Jetpack, would be released in 2015 and "transform the future of personal flight".

See Martin supplied video "Martin Jetpack 'quantum leap over previous model':

Video


Herald app users tap here to view the video.

Peter Coker, a former Royal Air Force pilot and international aviation expert, was appointed chief executive of the firm last year.

The Martin Jetpack has been developed over more than three decades by Glenn Martin. Despite its name it is propeller - rather than jet - powered.

- NZ Herald

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