It is planning an April listing after having raised over $2 million.

According to company's executive director, Andrew Harrison, "The IPO had raised more than A$2.35 million through the issue of over 11.76 million ordinary shares at A$0.20 cents per ordinary share, with one free attaching option for every two shares subscribed for."

"Neptune now expected to list on the ASX early in April with total ordinary shares on issue of more than 29.2 million and a market capitalisation at listing of over $5.84 million," added Harrison.

The technology that is fuelling the expansion is the Perth-based company's underwater dry welding technique, which - unlike conventional underwater welding - achieves the same standards found on normal dry welding.

Such a technology can cut down time and the cost of repairs as it removes the need to build special dry welding chambers around cracked hulls/rigs/marine structures or the need for a dry-dock.

Neptune's technology has been used successfully on ships in Australia, a hydro-electric dam in the Philippines and has gotten the seal of approval from many international class societies, including the prestigious American Bureau of Shipping.