Candice Cooke, Australia - September 2021
Australian agricultural technology company Rubicon Water (ASX:RWL) makes ASX debut
The Rubicon Water share price made a splash yesterday, finishing its first day of trading up 63% to $1.63.
Rubicon Water is an Australian agricultural technology company focused on improving water efficiency.
The business designs, manufactures and maintains hardware and software which is used by governments, water authorities and farmers to optimise irrigation systems.
The company generates more than 85% of its revenue through hardware sales and boasts a growing software arm. It also generates revenue from the maintenance of its products.
Rubicon's management cited that the company was pursuing a listing to access greater capital that would assist its growth strategy.
Capital raised through the IPO will go toward establishing itself in more offshore markets. A portion has been flagged for the research and development of new hardware and software products.