A Melbourne company that makes video camera add-ons for the increasing number of social media influencers has begun trading on the ASX.
Shares in Atomos closed at 50 cents on Friday, after trading as low as 45 cents, following a $6 million IPO in which 14.6 million shares were sold at 41 cents apiece.
The offering valued the company at $62.2 million. It has 74 employees spread across 10 offices in seven countries.
CEO Jeromy Young co-founded the company in 2010 after working in Japan at a video captureboard company, where he hit upon the idea of using an small external monitor to directly record video from a camera’s sensors.
The company’s all-in-one “monitor/recorder” products, when attached to $2000 Japanese DSLR camera, allow users to record high-quality video comparable to that captured with a $50,000 to $100,000 camera, Mr Young said.
“We’re kind of in this nice position, where content creation is going up dramatically, and that just driving the pickup of this.
“There’s so much video being produced, to differentiate yourself you have to move to cinematic quality,” he said.
The goal is to “enhance, simplify and ultimately democratise video content creation,” Atomos says on its website.
Most of its products right now, such the $US1295 ($A1840) Shogun Inferno and US$695 ($A987) Ninja V, are aimed at content creators such as small and medium businesses, universities and trade shows with video budgets of between $5,000 to $20,000.
Atomos plans to double its product range in the 12 to 24 months with new monitor/recorders for social media influencers with tiny budgets and entertainment companies with huge ones.
Atomos had $35.6 million in global sales last fiscal year, 49 per cent to the USA and 30 per cent to Europe, the Middle East and Africa.
Mr Young, a 42-year-old Sydney native and University of Wollongong graduate, said it was thrilling to fulfil his dreams of taking a company public in his hometown.
It had not been easy competing with Silicone Valley, Europe and Japan to recruit talent but it made the company global and better, he said.
“I want to show Australian entrepreneurs they can do it from here, in a technology environment,” he said.
“A lot of people say that but we’re living it.”