The Perth-based company has construction already underway on its first commercial machine which will utilise its trenchless technology for the repair and rehabilitation of underground pipes.

The ShieldLiner System involves the insertion of a tool that travels along the pipe, enabling both pressure and gravity pipes to be repaired and rehabilitated without the disruption of digging them up. The first commercial rig will be used in an in-field test project next month relining several hundred metres of mains pressure water pipe in regional WA for the Water Corp.

“This will be an important reference site and pilot project for the ShieldLiner system in Western Australia and we are confident that it will lead to broader opportunities,” said managing director John Hassen.

Hassen said that a large proportion of gravity pipes such as sewers and pressure pipes such as oil and gas mains in cities around the world are reaching or have exceeded their design life placing ShieldLiner at the forefront of a blossoming new industry.

"The achievement of this listing represents a considerable achievement and reflects the faith that investors have shown in the long-term potential of this technology."

"There may be similar systems available for gravity pipes but what we offer can be used in pressure systems making it unique and highly applicable to the oil and gas industry," added Hassen.

The $2.4 million initial public offering (IPO) was fully subscribed with 9.6 million shares on offer at 25 cents per share.