Materials company Quickstep Holdings made a lacklustre debut on the Australian Stock Exchange yesterday, closing below its issue price.

Quickstep has developed a process that produces lightweight high-strength materials that combine fibres including carbon fibre and kevlar with resins and are seen as a desirable replacement for metals used across a range of industries including cars, boats and aeroplanes. Shares in the company hit the boards at 27 ¢ but quickly dropped below the issue price of 25 ¢ and remained there for the rest of the day. They closed at 23 ¢, giving Quickstep a market capitalisation of $26.3 million.