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Defence technology company Boresight has revealed that it has lodged an initial public offering on the Australian Securities Exchange.
This marks a major milestone for the company as it expands its growth strategy in its business offer.
The proposed offering seeks to raise about $8 million through the issue of 40 million shares at $0.20 each, suggesting a market capitalisation of roughly $41.8 million.
Funds from this are said to be directed towards expanding manufacturing capacity in Australia and the United States, positioning the company to meet growing demand for defence training systems.
“Our plan with the funds is to invest in some new manufacturing capability and some more people,” said managing director Justin Olde.
“We’re going to expand the facility we have here in Fyshwick, lease a new larger facility in Huntsville, Alabama, and increase our production capacity there.”
As the federal government enhances the Integrated Investment Program as a part of the National Defence Strategy, Boresight said this marks a defining point for Australian defence technology businesses.
Boresight currently focuses on delivering an integrated aerial target drone system to enhance counter-UAS training and testing.
Its platform combines attritable drones, mission planning software and scalable ground control systems to support realistic threat emulation and operational readiness.
The company is currently operating across Australia, the United States and the United Kingdom.
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