A NATIONAL crane company with a strong Western Australian focus has lodged a prospectus with the Australian Securities and Investments Commission and opened an initial public offering.
The offer is underwritten by Bell Potter Securities Limited and Wilson HTM Corporate Finance Limited.
Boom Logistics plans to list on the Australian Stock Exchange on October 14.
Under the IPO 33.75 million shares will be offered to the public at an issue price of 80 cents a share.
The offer, totalling $27 million will comprise a mix of 26.25 million new shares – worth $21 million – and a sell-down of 7.5 million existing shares by current shareholders.
Boom CEO Rod Harmon said the $6 million reaped from the share sell-down would be used by those shareholders to deal with "their tax liabilities".
The offered shares represent 37 per cent of the expanded capital of the business and, on listing, Boom will have a notional capitalisation of $74 million at the issue price.
Boom started emerging on the scene in late 2000 as the Australian Crane Company, which was incorporated to act as the corporate vehicle to acquire well-established and successful private businesses throughout Australia.
It became Boom Logistics in 2002.
In Western Australia some of its acquisitions include Uniway, Midland Crane Hire, Brambles Perth Cranes and Brambles Goldfield Cranes.
Boom WA operations manager Allan McPherson was one of the founding directors of Uniway alongside Frank Legana, which grew out of the acquired Bell Corporation crane operation Bell Way Pty Ltd.
Mr McPherson said while Boom was called a Victorian company, it had started out as a predominantly WA operation.
"We had one Victorian company at the time that was a major shareholder," he said.
Mr Harmon said with the new acquisitions the company’s business would be evenly spread between Australia’s east and west coasts.
"The public listing on the ASX and the acquisition of the five new businesses pursuant to the IPO are important steps in reaching Boom’s goal of becoming the foremost national lifting solutions company in Australia," he said.
Mr Harmon said the capital raising was on track for the October listing.
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