Bulletproof off to flying start on ASX debut

CEO 'suprised' after 87 percent rise from prospectus issue share price

Bulletproof chief executive and foundern Anthony Woodward, is “pleasantly surprised” after the Cloud provider’s share price jumped 87 per cent on its first day of trading.

The company, which listed on the ASX today through a reverse takeover with mining entity Spencer, experienced a major boost, after its price rose to a high of $0.505 from a prospectus issue price of $0.27.

The listing follows Spencer acquiring all of Bulletproof’s shares and changing its name to Bulletproof Group Limited on the ASX.

The reverse-listing also involved a capital raising which ended up oversubscribed at $2.8 million.

Significant customers wins including Seek, Bauer Media, Tennis Australia and Racing Victoria. The company also becoming the first and only AWS premier partner in Australia, which has also given Woodward reason to smile.

Woodward told ARN he felt that listing positioned the company to take advantage of opportunities in the Cloud market.

“We were pleasantly surprised with investors' reaction this morning and the share price is certainly something that is interesting from time to time, but our main focus is on the business itself,” he said.

“Our ambition has not really changed since 2006, which is to be a leading player in Cloud by size, reputation and profitability.”

He said the AWS partnership had been vital in the expansion of the company.

“I suspect the overall trend will be more and more organisations wanting to move products and workflows into the Cloud,” he said.

“And the cost is not the only driver. The ability to have the flexibility to try things is really what the Cloud brings as a benefit to customers.”

Bulletproof is one of 22 premier AWS partners worldwide and will hold that status at least until November when a new list is announced.

Woodward said the Cloud market had moved from adoption to maturity, leaving opportunity for managed service providers.

“It comes down to fleshing out the value you can bring to the equation,” he said.

“If you get into a price war it’s going to be a difficult thing to win because organisations like AWS do have a great deal of pricing power.

“The key is to be able to bring value in other areas. It’s a lot more than just infrastructure.

“Our focus is leading the market with product, innovation and service. There’s a long way to go in Cloud.”

Bulletproof's share price closed today at $0.45.