Quickstep lists

COMPOSITE material developer Quickstep Holdings has successfully listed on the Australian Stock Exchange after a delay in its debut. After raising $6 million at an issue price of 25 cents a share, Quickstep stock listed on Monday at two cent premium to the subscription price, but ended the day lower at 23 cents. Chaired by former Orbital chief executive Peter Cook, the company has developed a patented process used in the man-ufacture of lightweight composite materials for wide-ranging industries, including the aerospace and automotive sectors. Quickstep will use the funds raised to comer-cialise this technology. Quickstep managing director Nick Noble founded the company in 2001 and spent several years in the composites field, working in the aerospace industry for UK-based Westland Helicopters, now called GKN. It had originally proposed a listing date of October 5, but this was postponed due to an ASIC query regarding projected revenues in the company’s prospectus, prompting the group to issue a replacement document to investors. Quickstep is understood to have been busy in the period leading up to the float, with several announcements likely in the weeks ahead. Perth-based State One Stockbroking acted as sponsoring broker to the issue.


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