Stock market debutant Astrocast, which makes nanosatellites that will orbit the earth, rises sharply on the stock exchange on the company’s first trading day on Wednesday 25th August. The listing marks the first chance for investors to acquire shares in an IoT satellite constellation in a public market.

In connection with a capital raising earlier this summer, investors had to pay NOK 29.16 per share. On Wednesday, the share closed at NOK 85.0 on the Euronext Growth marketplace on the Oslo Stock Exchange. This corresponds to an increase of 191.5 per cent from the capital raising and almost a tripling of the values for the early investors.

At most, the share price was up 250 percent at 12:30 on Wednesday. The stock was even paused for a short period due to the strong price effects.

“Astrocast is recognised as one of the pioneers, and one of the most advanced companies in the world providing low-cost global connectivity for the IoT. Lack of such connectivity has been a roadblock for a massive expansion of this market.” says Fabien Jordan, CEO of Astrocast.

Astrocast is priced at 1.6 billion NOK kroner.

Astrocast is developing a global nanosatellite constellation and low-power modules to ubiquitously connect efficiently and at ultra-low-cost, millions of IoT devices in remote, rural and maritime areas. The Swiss company designs and builds its own nanosatellites that will be sent into space to monitor and solve challenges related to agriculture, livestock, oil, gas, mining, shipping, and more.

The company currently has ten satellites in operation that go into orbit and plans to launch another ten next year. The goal is to launch 100 satellites.