16/12/2020 - 15:00

GenusPlus lists on ASX

16/12/2020 - 15:00

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Perth-based power and telecommunications contractor GenusPlus Group has listed on the ASX, following a successful initial public offering that valued the company at $148.6 million.

GenusPlus lists on ASX
The Yandin 330kV Terminal wind farm is one of the group’s latest projects. Photo: GenusPlus website

Perth-based power and telecommunications contractor GenusPlus Group has listed on the ASX, following a successful initial public offering that valued the company at $148.6 million.

The Belmont-headquartered group launched a $32.8 million IPO in early November and listed on the ASX earlier this week. 

GenusPlus provides end-to-end service for essential power and telecommunications infrastructure, with major clients reportedly including BHP, Rio Tinto, Telstra and Optus.

The Yandin 330kV Terminal wind farm is one of the group's latest projects. 

GenusPlus founder and managing director David Riches established the group in 2017, after Powerlines Plus (the former name of Mr Riches’ business) acquired Complete Cabling.

Over the past two years the group has kept busy on the acquisition front, with five more since then, striking its latest deal to purchase national electrical contractor EC&M in December 2019.  

Under the IPO Mr Riches divested about 34.1 million shares at $0.96 per share, resulting in an indicative market capitalisation of $148.6 million.

Mr Riches remains the largest shareholder of the company.

Bell Potter Securities Limited acted as IPO lead manager, with Ashanti Capital co-manager and Sternship Advisers acting as corporate adviser to GenusPlus for the IPO.

“Our new listing will provide the company with greater exposure and an increased profile to benefit both clients and investors. The listing will also provide the company future capital management flexibility and an enhanced capacity to fund future growth opportunities,” Mr Riches said.

“We have only recently entered the Queensland and New South Wales markets through foothold acquisitions in these states, so these markets represent meaningful opportunities to grow our business.

“We are focused on building on our strong foothold in WA and replicating this successful business model into the significantly larger east coast markets.

“Our ASX listing represents an exciting milestone and we look forward to continuing to operate our business efficiently and profitably, and thereby delivering value to our new and existing shareholders.”

The multi-faceted business is split into four key segments; Powerlines Plus, servicing the design, construction and maintenance of overhead transmission and distribution lines, switchyards and substations; Diamond Underground Services, for underground telecommunications and power infrastructure; ECM, which provides electrical and instrumentation services, as well as mechanical fabrication, assembly and installation; and Proton Power, which provides high voltage testing and commissioning services.

In FY20, GenusPlus achieved revenue of approximately $170 million, which it said represented 70 per cent growth from FY19.

At the close of trade GenusPlus shares were down 2 per cent at $0.98 per share.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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