09/07/2021 - 15:00

DRA Global joins the ASX

09/07/2021 - 15:00

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Engineering group DRA Global has had a quiet start to its first day of trading while predicting a strong first half for the calendar year.

DRA is focused predominantly on servicing the mining sector. Photo: DRA Global

Engineering group DRA Global has had a quiet start to its first day of trading while predicting a strong first half for the calendar year.

Headquartered in Perth, DRA is focused predominantly on servicing the mining sector.

It has secured more than $600 million in work since the beginning of the year, including with majors Rio Tinto, BHP and Anglo American.

Founded in South Africa in 1984, DRA set up an Australian office in 1997 before moving its headquarters to Perth in 2018.

The business now has more than 4,500 employees working across 20 offices.

Today, it began trading on both the Australian and Johannesburg stock exchanges.

DRA listed on the ASX after raising an $11.7 million through an initial public offering, priced at $3.95 per share and led by Wilsons.

The company’s share price closed up slightly, to $4.

Managing director Andrew Naude said listing on both the ASX and JSE were important steps in the company’s long-term growth plan.

“Over more than 35 years, DRA has developed a track record for delivering specialist services, across a wide range of commodities, to our high-quality global customer base,” he said.

“We will continue to work to establish DRA as a leading engineering, project delivery and operations management business.”

Chairman Peter Mansell said he looked forward to the opportunities that listing would bring to the company.

DRA expects to have generated $1.2 billion in revenue for the first half of this year and underlying earnings of $51.6 million.

Its half-year results are expected to be announced in August.

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