24 Feb 2015

NZ jetpack maker shares soar

11:42 pm on 24 February 2015

The New Zealand based jetpack maker Martin Aircraft's shares soared on their debut on the Australian stock market.

Martin Aircraft has signed a deal with a US firm to develop the technology.

Photo: Martin Jetpack

A 10 per cent gain delivered a $1.55 million windfall for the company's founder, Glenn Martin, increasing the value of his 19 per cent stake in the company to more than $17 million.

Martin Aircraft shares were issued to investors at 40 cents, and hit a high of 65 cents on today before closing at 44 cents.

The company is working on delivering its first commercial jetpack in 2016, which it expects could be used for rescue, military and recreational purposes.

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