GenusPlus launches $33m IPO

Belmont-based GenusPlus Group has launched a $32 million initial public offering, with the power and telecommunications contractor planning an ASX listing in December.

GenusPlus was established in 2018 as the parent company of Powerlines Plus and Proton Power.

Managing director David Riches set up Powerlines in 2009, which specialises in building and maintaining electrical transmission and distribution powerlines in regional Australia.

It services the mining, and public and private utilities sectors.

Proton Power was established in 2017, in the same year Mr Riches acquired Complete Cabling and the GenusPlus board was formed.

In 2018, Mr Riches acquired Diamonds from Perenti (then Ausdrill) and consolidated the business with Complete Cabling.

A year later, GenusPlus bought Queensland’s Burton Power and Henderson-based construction and maintenance services company, ECM.

The group also purchased businesses from Kambalda-based KEC Electrical Contractors, which now form part of the Powerlines Plus division.

GenusPlus now has more than 500 employees across its four divisions.

In the year to June 30, the group achieved revenue of $170 million – up 70 per cent on FY19 – and net profit after tax of $10.2 million.

It has forecast further growth in FY21, of about $303 million in revenue and $17.3 million in NPAT.

The offer under the prospectus, launched with ASIC, is a secondary sale by Mr Riches of nearly 35 million shares priced at 96 cents each.

It represents about 22 per cent of the company's total shares on issue upon completion of the offer.

Chairman Simon High said GenusPlus did not need to raise any capital.

Bell Potter Securities is acting as lead manager to the IPO, expected to close on December 3. Ashanti Capital is acting as co-manager.

GenusPlus is targeting an ASX listing for December 14.