M8 Sustainable lists on ASX

Recycling and waste management company M8 Sustainable had a soft start to its first day of trading on the ASX today, with its shares dipping to 17 cents after last month's $19.5 million initial public offering at 20 cents per share.

Led by managing director Tom Rudas and chairman Bob McKinnon, the company said it received strong support from investors, with its top 20 shareholders accounting for 79 per cent of shares on issue.

That includes Thai-based renewable energy company SBANG, which holds around a 36 per cent stake in M8 after investing around $20 million.

M8 managing director Mr Rudas said the listing marked a major milestone for the company.

“We have developed an exciting portfolio of waste management operations and assembled an incredibly strong and proven board that understands what it takes to build a profitable and successful waste management operation,” he said.

M8’s operations include the Maddington waste processing facility for construction and demolition waste, and management services to the Brockway facility in Shenton Park.

Both facilities were bought from administrators, with the Maddington facility previously owned by private company Aurigen Group, which went into administration in 2017.

M8 said it was also in the process of developing a new landfill facility at Gingin, about 67 kilometres north of Perth.

Mr Rudas said the company was “hitting the boards at the right time” as the WA waste generation continued to increase.

“We have created a business model and strategy that is perfectly suited to the growing demands of the WA waste management sector,” he continued.

“The company is well-funded to deliver on the strategy and grow the business into a significant waste management operation.”