Hydrofoil e-bike maker Manta5 to list on ASX

[Habits]

Hamilton startup, Hydrofoil e-bike maker Manta5, has public listing plans to list on the ASX in 18 to 24 months.... No mention of NZX

Hydrofoil e-bike maker Manta5 reveals IPO plans, vaccine frustration
https://www.nzherald.co.nz/business/...ectid=12450221

[n908671]

Hamilton startup, Hydrofoil e-bike maker Manta5, has public listing plans to list on the ASX in 18 to 24 months.... No mention of NZX

"Why list across the Tasman? Robotham sees the ASX as "more amenable to product-based companies". He says the decision was driven, in part, because Manta5 chairman Phil Norman has found the Australian exchange to be a "proven pathway". The veteran tech investor formerly chaired Xero, which went ASX only (Xero), and is currently on the boards of Plexure, which recently shifted to a dual NZX-ASX listing, and Straker Translations which skipped the local exchange altogether in favour of listing across the ditch from the get-go."

No detail of why they want to list but I get the impression it's to fund growth rather than cash out the investors.

Personally I'm surprised at how well this product seems to be doing - $5m in sales last year selling over 400 bikes at $13k each - who would buy something like this? (aside from tourist operators).

[ecuttel]

"Personally I'm surprised at how well this product seems to be doing - $5m in sales last year selling over 400 bikes at $13k each - who would buy something like this? (aside from tourist operators)."

$13K is half the price of a high end E-Mtb https://www.specialized.com/nz/en/s-works-turbo-levo/p/188252?color=317307-188252 and they are selling like hotcakes... so the demand must be there for expensive toys

[Sideshow Bob]

After extensive research (ie put into Google "buy hydrofoil ebike"), there doesn't seem to be much/any competition that comes up....

Potentially another NZ company straight to the ASX.....pretty sad commentary on the NZX.

[Nevl]

Happy to see the success of Manta. And 400 in sales is not bad. But not sure how many they can really sell per year. A thousand? Blokart is a similar company that has good niche success but never a wider market. Can the Manta tech be used on another product that would have wider mass appeal?
UBCO is a small company that might have a better growth profile and they just raised $15mil when they only targeted $5million. They also have a lot more products that their tech can tap into.

[Nevl]

Happy to see the success of Manta. And 400 in sales is not bad. But not sure how many they can really sell per year. A thousand? Blokart is a similar company that has good niche success but never a wider market. Can the Manta tech be used on another product that would have wider mass appeal?
UBCO is a small company that might have a better growth profile and they just raised $15mil when they only targeted $5million. They also have a lot more products that their tech can tap into.

[bottomfeeder]

Market is already saturated. Promoters think an IPO is a get rich scheme. Another one which will go down the toilet after a while.

[silu]

It's like a Peleton on water. Has a whiff of Martin Jetpack for me.

[bottomfeeder]

It's like a Peleton on water. Has a whiff of Martin Jetpack for me.

Yeah and where did Martin jetpack finally end up?

[silu]

Yeah and where did Martin jetpack finally end up?

To those who don't know the history of Martin Jetpack. It's gone now after having had good press when it first started https://www.stuff.co.nz/business/112...ng-has-run-dry