Bluechiip commences ASX trading

Wireless tracking technology company, Bluechiip (ASX:BCT), commenced public trading on Thursday after an IPO concluded last month.

The company, which has developed a chip-based tracking technology capable of withstanding extreme temperatures, opened at the IPO offer price of $0.250 and closed at $0.230.

The listing follows the raising of $3 million through the capital raising component of the IPO, which concluded on 11 May.

The funds will be used to commercialise the Bluechiip tracking technology, initially in the healthcare market.

Bluechiip's primary claimed advantages over traditional tracking technologies such as barcodes and RFID are the elimination of the need for line-of-sight reading, as well as the ability to work at temperatures ranging from -196 degrees Celsius to 200 degrees Celsius.

This gives the Micro Electro Mechanical Systems (MEMS) based chip applications in biological material storage, pathology and other healthcare areas, as well as in the aerospace, manufacturing and other industries.

As of May, the company had filed 11 patents and been granted 5 for Bluechiip technology.

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