Australia: Norton Rose Fulbright advises on the IPO of the world's first practical jetpack manufacturer
Last Updated: 11 March 2015

Norton Rose Fulbright has advised New Zealand-based Martin Aircraft Company Limited on its initial public offer and listing on the Australian Securities Exchange. Martin Aircraft is the manufacturer of the Martin Jetpack, the world's first practical jetpack able to be flown by a pilot or via remote control.

The IPO raised A$27 million and was oversubscribed following a cornerstone investment from KuangChi Science Limited, a Hong-Kong listed technology company that focuses on near space services, and further investment from existing shareholders and the general public. On listing Martin Aircraft had a market capitalisation of approximately A$100 million.

The funds raised from the IPO will be used to finalise the commercialisation of the Martin Jetpack with first deliveries set to be in the second half of 2016. Those deliveries will be primarily used by the first responder community such as the police, fire service, defence and natural disaster recovery and emergency response organisations.

Norton Rose Fulbright advised on all Australian matters related to the IPO and listing. This included the cornerstone investment by KuangChi Science, which involved not only a share subscription under the IPO but also an acquisition of shares from existing shareholders, a future convertible note subscription and the establishment of a Hong Kong joint venture with a put option, for a total long-term investment worth more than A$50 million.

The IPO and the subsequent transaction with KuangChi Science required extensive liaison with the relevant Australian and New Zealand regulators.

The Norton Rose Fulbright team was led by Sydney partner Iain Laughland and supported by lawyers David Paterson, Andia Petropoulos and Malin Holmlund. The team worked closely with law firm Bell Gully as New Zealand legal advisers.

"The Martin Jetpack is a unique product that has been the subject of much media attention and captured the attention of the public," Mr Laughland said. "As with the technology, it was a novel and fascinating transaction. The deal was a true team effort between the company and all of the advisers to bring the company to market.

"We wish the company every success as it pushes forward with the commercialisation of the Martin Jetpack, ably supported by the advanced technology of KuangChi Science Limited as both a substantial shareholder and commercial partner."

The Norton Rose Fulbright equity capital markets team has now advised on two of the 10 corporate listings on ASX this year and has advised on a total of five ASX listings in the last eight months.

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