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IPO Watch: Boresight lit up June, yet most 2026 ASX floats can't hold their pop
IPO Watch: Boresight lit up June, yet most 2026 ASX floats can't hold their pop
About this update from Boresight Ltd.
June kept 2026's IPO revival ticking over, with three more debuts pushing the year-to-date count to 19.TickerCompanyListing dateIPO priceDebutLastDay 1 %To date %DLYDaly Resources23/06/26$0.25$0.24$0.18-4.0%-28.0%PAFPan African Resources23/06/26~$2.00$1.96~~BSTBoresight10/06/26$0.20$0.32$0.3660.0%80.0%Share price performance as at Tuesday, 30 June 2026Daly Resources is a Northern Territory-focused explorer targeting fluorite, copper and zinc, with an immediate focus on the Huckitta fluorite-copper project, where Sandfire Resources is a major shareholder.Pan African Resources is an established mid-tier gold producer with underground mines and tailings retreatment operations across South Africa and Australia. The company is listed on both the London Stock Exchange and South Africa's JSE.A closer look: BoresightBoresight is an Australian defence tech company selling low-cost, "attritable" (designed to be destroyed) drone targets that let militaries run realistic live counter-drone training without sacrificing expensive platforms or relying on unreliable hobby drones.It has a very niche value proposition, betting that drone warfare has outpaced the systems built to train against it. The pitch revolves around selling targets cheap enough to shoot down, standardised enough to pass certification, and sovereign enough (aka non-Chinese) to clear procurement in allied markets.Boresight's June 2026 investor presentation highlights a land-embed-expand-lock-scale flywheel built on recurring consumption:Land: Low-cost targetry sold at unit level bypasses slow procurement, giving an instant entry point.Embed: Drones are consumables destroyed in annualised training cycles, so reorders recur and Boresight becomes part of training doctrine.Expand: Upsell into the BS-350 attritable ISR (intelligence, surveillance and reconnaissance) platform, swarm capability, payload variants, spares and consumables.Lock: Integration with certification/training, AI swarm-control subscriptions and performance-data capture creates high switching costs.Scale: Volume drives down COGS, strengthens the sovereign manufacturing moat, and supports a licensing model for allied markets (Europe, UK and US).Its prospectus showed revenue climbing 57% in FY25 to $4.36 million from $2.76 million, though the net loss widened sharply to $722,430 from $99,919 a year earlier.The hype behind the defence sector...