A company that creates high-tech camouflage to fool sharks and protect swimmers has made a stellar entry on the Australian share market.
Shark Mitigation Systems (SMS) shares ended their first day at 23 cents, 15 per cent up their 20 cent issue price with a solid 1.9 million shares changing hands.
The stock cruised as high as 26 cents after the company's midday listing.
The Perth-based business has developed patented camouflage patterns which can be printed onto wetsuits and surfboards to hide swimmers from sharks or make them appear unlike typical shark prey.
The technology uses "disruptive colouration and shaping", according to the company, that confuses the shark and causes it to perceive the swimmer differently.
SMS is also developing a "clever buoy" which sends a signal to lifeguards when a shark is near.
The products cause no harm to sharks.
Speaking after the float, Shark Mitigation Systems managing director Craig Anderson told AAP the strong investor showing had vindicated the company's decision to go public.
"It supports our decision to go public, and more importantly supports what we're doing as a business and the two technologies we've developed," he said.
Bob Lushey, director of Pannard Management - the third largest stakeholder in SMS - is also a director of Radiator Wetsuits, the first wetsuit company to use SMS' technology.
He said the market potential of anti-shark technology was promising.
"I have been at the coalface and the reaction has been fantastic, so we see a big future," Mr Lushey said.
"It's pretty easy to work out the possibilities."
SMS was founded by Mr Anderson and Hamish Jolly five years ago and currently employs just four staff.
It will use additional capital from the $3.5 million raised in the listing to fund research into new products.
"The company intends to position itself to become a global player in the development of shark and broader marine technologies," Mr Anderson wrote in the company prospectus.
"With access to capital and additional resourcing, the Board believes the company is well positioned to become a recognised organisation for the commercialisation of marine technologies."
SMS has previously partnered with Optus, Google, Arena and the University of Western Australia in developing its first two anti-shark products.
Two people died as a result of shark attacks in Australia in 2015.
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