Have an extra $200,000 lying around? You might want to buy your own jetpack. New Zealand-based Martin Aircraft Company, creator of the Martin Jetpack, went public on Monday, and shares of the company’s stock exploded within seconds after the trading floor opened at the Australian Securities Exchange.
However, like its product's flight pattern, the company’s stock quickly plummeted back to its IPO price of 40 Australian cents a share after its initial increase, then went up 10 percent to 44 Australian cents.
Martin Aircraft is valued at approximately $98 million, and while a flyable hovercraft seems like a futuristic concept, the company has been around since 1981.
The jetpack has a V4 engine and a carbon fibre fuel tank and undercarriage.
Located in Christchurch, New Zealand, the company was founded by Glenn Martin, who dreamed of creating the world’s first jetpack. In 2010, Martin conducted the first manned flight of the jetpack. It lasted more than five minutes.
“The Martin Jetpack is a disruptive technology, much like the helicopter was when first developed, with substantial capabilities and is able to be flown by a pilot or via remote control,” the company says on its website. The jetpack was also designed with “safety in mind” and claims that pilot qualifications are simple to obtain.
The company claims its invention will be vital to a number of markets, first responder, military, recreation and commercial.