Shares in Two Way TV Australia launched on the Australian Stock Exchange at exactly the initial public offer price of 1 Australian dollar each, raising AUD40 million, or just under £16m.

The share issue makes the founder and chairman paper millionaires and also values the 14 per cent stake of Sam Chisholm at around £5m.

Jim McKay is reported as saying that the price was “a good result” so close to Christmas.

The funds will be used to expand Two Way TV Australia’s operations and planned expansion into Asia.