SRJ seeking IPO, set to raise $5m

A UK-based specialist engineering firm is aiming to list on the ASX, with CPS Capital Group appointed lead manager for a $5 million pre-IPO raising.

SRJ Technologies today announced its intention for an IPO on the ASX before the end of the calendar year.

The company develops a range of weld-free products for pipe repair and replacement across a range of sectors, with a primary focus on the oil and gas industry.

The company said the proposed IPO coincided with its plans to rapidly accelerate growth in Australia and other markets.

It also signed a global supply agreement with oil and gas engineering conglomerate EnerMech, as well as a manufacturing deal with an undisclosed Western Australian company.

SRJ chief executive Alexander Wood said the proposed ASX listing had been well received by the company’s customers and Australian investors.

“A significant portion of our future revenues is forecast to come from the Australian market as we continue to grow and design new products for the oil and gas industry,” he said.

“We see this listing as a critical step towards capitalising on our current global supply agreements and entering new markets internationally.”

CPS Capital associate director Tim Neesham said the company was excited to be working with the team at SRJ.

“The company has assembled a fully engaged management team including some highly regarded industry experts and we look forward to assisting with the expansion into the Australian market,” he said.