SRJ shares up on ASX debut

18/09/2020 - 15:20

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Perth-founded engineering company SRJ Technologies has had a positive start to its ASX debut, with its shares closing up 60 per cent.

Alexander Wood said there was strong interest in SRJ's IPO despite challenges presented by COVID-19. Photo: SRJ Technologies

Perth-founded engineering company SRJ Technologies has had a positive start to its ASX debut, with its shares closing up 60 per cent.

SRJ, now headquartered in the UK, provides specialist engineering services and weld-free containment products for pipeline repairs and maintenance.

The company’s shares were trading at 80 cents each at today’s close, up from the 50-cent price in SRJ’s initial public offering (IPO) launched in August to raise $8 million. It was fully underwritten by lead manager Morgans Corporate.

SRJ 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.

Mr Wood said there was strong interest for the IPO despite challenges posed by the COVID-19 pandemic and its impact on the oil and gas sector.

“In fact, the crisis has provided SRJ with significant opportunities to sell its containment solutions to operators that are looking for ways to extend the life of existing assets rather than replace them,” he said.

Japan’s Mitsui & Co has joined the SRJ share register, with both companies exploring commercial opportunities to promote SRJ across the energy, chemicals and mining sectors.

Mitsui general manager Tak Ogawa said the company looked forward to progressing its relationship with SRJ.

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