The Indoor Skydive Australia Group Ltd (ASX: IDZ) share price is surging today, up 300%. The rocketing share price comes after the microcap company released a progress report to the ASX market this morning.
What does Indoor Skydive Australia do?
Established in 2011, Indoor Skydive Australia Group shares first began trading on the ASX in 2013. The adventure and leisure company specialises in experiential, training and simulation solutions. It counts tourists, thrill seekers and the military among its clients.
The company has two indoor skydiving facilities; iFLY Downunder in Penrith New South Wales and iFLY Gold Coast in Queensland. Additionally, Indoor Skydive Australia owns and operates FREAK Entertainment, specialising in virtual reality (VR).
Why is the Indoor Skydive share price rocketing up today?
The company announced this morning that its FREAK Entertainment branch was opening a third venue. The new venue, FREAK Westfield Bondi Junction, is scheduled to open by mid-November.
The company has signed agreements with Scentre Group (ASX: SCG) for an initial 14-month pilot program. The goal is to expand into additional retail sites in New South Wales in 2021.
Scentre Group’s Bondi Junction shopping mall has an annual turnover of more than $1 billion. The new 211sq m facility includes 2 of FREAK’s signature free-roam VR ‘Arena’ spaces, marking Westfield’s first free-roam VR centre in Australia.
The technology is provided by HP and HTC, which the company reports having formed strategic partnerships with over the last year.
Commenting on the new venue opening, Indoor Skydive chief executive officer Wayne Jones said:
This is a significant step forward for FREAK Entertainment to be moving into Westfield Centres, with the first location being a prominent position within one of the most successful centres being Bondi Junction. The team at FREAK have been working extremely hard with the other two sites to ensure the product is ready for the high throughput expected.
Lyn Hutcheson of Scentre Group also welcomed the move:
We are excited to be working with ISA Group through FREAK Entertainment to bring free-roam virtual reality into our Westfield Living Centres. Our customer-focused strategy means we are always seeking to partner with innovative retailers to offer new and engaging experiences in our centres. This is a great example of this in action.
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Returns as of 6th October 2020
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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