UPDATED: OZ AV Company Lists Shares Climb 23%
Audinate an Australian seller of PRO digital audio and networking technology listed today at 12 noon, the stock went up 23% from $1.22 to $1.50 at 2.00pm, their brokers are reccomending that investors hold onto their shares.
The Companies Dante platform distributes digital audio signals over computer networks, and is designed to bring the benefits of IT networking to the professional AV industry.
Using Dante-enabled products allows interoperability between audio devices and allows end users to enjoy high quality, flexible solutions—typically with a lower total cost of ownership the Company claims.
The technology director of the Company is Aidan Williams who is also the co-founder of the Company.
While at the National ICT Australia (NICTA), he was the driving force behind the Digital Audio Networking project that developed the fundamental audio networking technology behind Dante. Prior to joining NICTA, Aidan was at Motorola Labs in Sydney where he worked on advanced networking technologies including zero-configuration IP networking, IPv6, reliable multicast, mobile adhoc networking and residential gateways. He is an inventor on twenty patents related to IP networking.
Motorola shuttered the facility in 2003, but a few members of the team stayed together, securing backing from the National Information and Communications Technology of Australia (NICTA), a government research institute whose goal was to spawn innovative technology to benefit the growth of industry in Australia.
The Company claims that sales of their Dante-enabled OEM products grew by almost 3x over the last two years.
Audinate Group Limited has appointed Shaw and Partners as their sole lead manager, underwriter and bookrunner.
The offer Price per share is $1.22 and the total number of shares set to be available under the offer is initially 17.3m according to Shaw Partners.
Gross proceeds of the Offer are expected to be $21.0m with shareholders getting $7.0m.
Total Number of Shares on issue at completion of the Offer will be 59.5m
The total number of Shares held by Existing Shareholders of the Company will be 42.3m with the market capitalisation set to be around $72.6m.