February 24, 2015 / 12:15 AM / 5 years ago

Jetpack company soars in Australian stock market debut

SYDNEY, Feb 24 (Reuters) - Shares in New Zealand-based Martin Aircraft Ltd soared 50 percent in a stellar Australian share market debut on Tuesday, after the jetpack maker raised A$27 million ($21 million) to help bring its personalised aircraft to market.

Martin, which last year struck a financing deal with Chinese KuangChi Science worth A$50 million over the next two years, hopes to start selling the $200,000 jetpacks to emergency responders and thrill seekers in the second half of 2016.

Its shares opened at A$0.60 versus their A$0.40 issue price, giving it a market capitalisation of about A$104 million.

$1 = 1.2822 Australian dollars Reporting by Lincoln Feast; Editing by Stephen Coates

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