12/07/2021 - 16:00

Aerison makes ASX debut

12/07/2021 - 16:00

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Aerison has enjoyed a positive first day of trading as the engineering group affirmed its expectation to earn $130 million in revenue this past financial year.

Aerison makes ASX debut
Giuseppe Leone (left) and Daniel Hibbs acquired Aerison in 2016.

Aerison has enjoyed a positive first day of trading as the engineering group affirmed its expectation to earn $130 million in revenue this past financial year.

Based in West Perth, Aerison services the mining, oil and gas, infrastructure, and power generation industries. Its clients include regulatory body Pilbara Ports Authority and mining majors Fortescue Metals Group and Rio Tinto.

Aerison listed on the ASX after raising $13.5 million from an initial public offering, which was priced at 20 cents and led by Sydney-based Peloton Capital.

Shares in Aerison closed up 2.5 per cent on its first day of trading, implying a market capitalisation of about $62.7 million.

The business, established in 1988, was acquired by managing director Giuseppe Leone and chief operating officer Daniel Hibbs in 2016.

Aerison's service categories also include environmental services; sustaining capital, maintenance and shutdown services; project construction; electrical and control infrastructure; and power generation services.

The business operates a 10,800 square metre industrial fabrication and assembly facility in Forrestfield and employs 545 people.

Mr Leone said listing on the ASX provided the company with the ability to increase its market exposure.

“The listing also provides the company with improved capital management flexibility and an enhanced capacity to fund future growth opportunities,” he said.

Mr Hibbs said Aerison looked forward to continuing to safely deliver projects on time and on budget, as well as providing sustainable growth and profitability to shareholders.

The company expects to have generated $130 million in revenue during the 2021 financial year, up 29 per cent on FY20.

Normalised earnings for the year ended December 31 are forecast to be $12.5 million.

Aerison said it had roughly 82 per cent of its FY21 revenue under contract, with further agreements expected to be secured within the next three to six months.

Fellow engineering group DRA Global listed on July 9 after raising $11.7 million through its IPO, priced at $3.95 per share and led by Wilsons.

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