Target-practice drone maker lauds spike on trade debut

An Australian company that makes cheap drones for armies to destroy during training has soared after making its stock exchange debut.

Boresight shares were changing hands at 36c on Wednesday afternoon, up 80 per cent from the 20c offer price in its $8 million initial public offering, giving the company a market value of $75 million.

“I wouldn’t say we’re surprised at the result,” Boresight managing director and chief executive Justin Olde told AAP.

“There was a lot of interest in the lead-up to the bell-ringing, so you’re always cautiously optimistic.

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