New Zealand-based Martin Aircraft Company, manufacturer of the Martin Jetpack, the world's first practical jetpack able to be flown by a pilot or via remote control, started trading on Tuesday on the Australian Securities Exchange.

The company's oversubscribed listing follows a cornerstone investment agreement with Hong Kong-listed KuangChi Science and support from both the general public and existing shareholders under the Equity Offer to raise the maximum subscription amount of A$27 million ($21 million).

Liu Ruopeng, board chairman of KuangChi Science, said that Tuesday's stock listing is a milestone and also a classic case for a Chinese high-tech company "going out".

"Personal aircraft developed by Martin Aircraft Company is like Iron Man equipment, a dream of humans," Liu said, referring to the Marvel Worldwide Inc. superhero whose specially equipped metal armor allows him to fly.

"After 30 years of hard work, the team has overcome many difficulties and made the dream come true. It's a huge revolutionary breakthrough," he said.

Tactical asset

The Martin Jetpack is initially set to become an important tactical asset to the first-responder community, such as police and fire departments, defense and natural disaster recovery, and emergency response organizations.

With a focus on safety, the Martin Jetpack has a composite structure pilot module that protects the pilot in the event of any incident and a ballistic parachute system that can deploy and safely recover the aircraft from only a few meters above the ground.

The feature makes the jetpack one of the safest aircraft in the world.

This versatile aircraft has the ability to land on rooftops covered with aerials and wires, fly into tightly confined areas or provide an economic and practical alternative to traditional helicopters.

The jetpack is expected to go on sale in the second half of 2016.