SRJ Technologies launches IPO

UK-based engineering firm SRJ Technologies is planning to list on the ASX next month after launching an $8 million initial public offering.

SRJ Technologies is led by chief executive Alexander Wood and non-executive chairman Robin Pinchbeck, with West Perth-based Mooney & Partners principal Grant Mooney also recently appointed to the board as a non-executive director.

SRJ, which will launch its IPO on August 24, develops weld-free coupling and leak containment products for pipeline and process pipework systems.

It has an office in Perth and two in the UK, and distributes its products and services via its partners' global sales channels.

SRJ's products are designed primarily for pipe repair and emergency replacement, but can also be integrated into new pipeline builds, Mr Wood said.

He said there were substantial commercial opportunities in the Australian and European oil and gas markets, with SRJ having completed years of research, development and testing to comply with oil and gas industry standards.

SRJ has already secured tier one customers and strategic partners including Alcoa and BP.

Mr Wood said the proceeds raised from the IPO would provide the capital required to accelerate SRJ's growth plan.

The company will issue 18.9 million CHESS depository interests (CDI) priced at 50 cents per CDI, with the offer managed and underwritten by Morgans Financial. It follows a $5 million pre-IPO launched mid-last year.

The $8 million IPO is scheduled to close on September 4, with SRJ expecting to list on the ASX two weeks later.

SRJ Technologies will begin trading with a market capitalisation of around $59.5 million.