West Perth-based Jupiter Energy Ltd spinoff Jupiter Biofuels Ltd's initial public offer opened yesterday, aiming to raise $75 million to fund the construction of a Biodiesel Plant in Malaysia.
The company will offer 150 million shares at an issue price of 50c each. In addition to this, the company will also offer 80 million shares held by Jupiter Energy Ltd by way of an in-specie distribution to its shareholders on a pro rata basis.
Jupiter has hired Western Australian company Merit Engineers Pty Ltd to act as project manager for the construction of the plant, which it hopes will commence production by April 2008.
The company is chaired by Eddie Smith, who also serves on the board of Australian Worldwide Exploration Ltd, Impress Ventures Ltd, Carpathian Resources Ltd and Jupiter Energy Ltd.
He is joined on the board by managing director Geoff Gander and finance director Geoff Clifford, with non-executive director David Quinlivan. Upon listing, the company aims to appoint a further two non-executive directors, Richard Beresford and Dato' Captain Ahmad Sufian.
Jupiter has retained Sydney-based firm Frost and Sullivan for Independent Market and Feedstock Research, as well as Perth's Currie and Brown as Independent Construction Cost reveiwers.
RSM Bird Cameron Corporate will act as investigating accountant to the deal, with Bridges Financial Services acting as the company's lead broker. The Perth offices of Deloitte Corporate Finance will act as Corporate Advisers, with Perth's GHD actinging as independent engineer for the company.
The offer, which is not underwritten, will close November 20.
