Drill contractor launches $5m IPO

Mining contractor Dynamic Drill and Blast says it will use funds raised from a $5 million initial public offering to tackle a strong tendering pipeline and potentially grow the business in Western Australia’s civil sector.

Founded in 2011, Dynamic said it has attracted a strong tier-one mining client base since its establishment including with Rio Tinto, Fortescue Metals Group and Galaxy Resources.

The contractor said it also had a number of tendered opportunities for medium to long-term contracts, which would grow the company’s FY19 revenue of $19.1 million.

Dynamic is led by co-founder Mark Davis, who has over 25 years of experience in the mining services sector, and is the former operations manager at Malaga-based Rock on Ground.

Mr Davis said funds raised from the IPO would provide Dynamic with the capital required to secure project opportunities.

“It has been an exciting period for Dynamic,” he said.

“As a founding member, I have seen first-hand the incredible transformation of the business since 2018. We are now preparing ourselves for the next phase of growth.”

Mr Davis said, upon completion of the IPO, the company would be well-positioned to service WA’s strong gold and iron ore sectors.

“There is also the potential for strong growth in the civil sector with infrastructure projects coming out of increased government spending post-COVID-19,” he said.

Dynamic is planning an ASX listing for August 20, with JP Equity Partners acting as lead manager to the IPO.